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“Debt Updates” Archive
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Well, June turned out to be a rough month, but things ended up coming together. I’m a little late with this update due to holiday happenings, but we were able to pay back $500 to our savings account and we were able to pay the minimum payment on our credit cards ($132). With that, here are the new totals:
Credit Card Debt: $8,732
Savings Account: $3,644
It is very tempting to “borrow” some of that savings account money to pay off more of our debt. There is another big milestone looming - paying off $30,000 worth of credit card debt. We’d only have to “borrow” $1,118 to do it. You can see how tempted I am because I ran the numbers LOL. For now, though, I really want to get our savings account to $4,000.
Once our savings account hits that balance, then it will be time to start kicking some debt booty again 
I wasn’t planning on paying more towards our debt this month. I was going to beef up our savings. Thank goodness I reviewed everything online or I might have missed a minimum payment due!
All of our credit card debt is at 0% right now, and one missed payment would have been a disaster. Who knows how high our interest rate would have shot up. The payment wasn’t due until early June, but I wasn’t about to take any chances. I sent out a payment for $134 and our credit card debt now stands at $8,864.
What a difference a few years can make. I was able to find our minimum credit card payment from May of 2006…$743. Wow. No wonder we can breathe easier now!
Yay! We received our economic stimulus payment today and I sent off a huge chunk of change towards our debt. Our payment was for $1,500 and I originally thought we would only use a portion towards our debt.
Well, I couldn’t resist using all of it to put towards our debt. That brought it to $9,198.
But I couldn’t stop there. I had to contribute $200 more to put it under the $9K mark. Our checking account will be tight for a while, but if the money isn’t there…we won’t spend it!
That brings our total credit card debt to $8,998! We have paid off over $28,000 of our credit card debt. My little graphic at the NCN Network made it really sink in that we are getting so close to debt payoff now.
We are definitely in the home stretch 
It’s been very rough for me for the last few weeks. I’ve been working a lot, but now I get to see what that extra work was for. We were able to pay an additional $300 towards our credit card debt, bringing the total to $10,698.
Unless our economic stimulus payment arrives in the next two days, our credit card debt will stay at $10,698 through the end of the month. When I calculate my net worth at the end of the month, we’ll see how everything turns out. I’m pretty sure this month will end up being one of the best months we have had so far.
It’s too early to project how May will go. The economic stimulus payment will give a much needed boost to our debt reduction and put us under $10K (yay!). We should have some more extra money, but we may end up doing some repairs around the house. You can only put them off for so long and spring is the perfect time to do them. Then again, I think I said that last spring too!
So we’ll see how things go
I tend to speak too soon. I did it again with our IRS payment because it cleared the bank this morning. Whew! I do tend to worry a lot more than I probably should. Not sure why, I’ve been like that for as long as I can remember.
Okay, on to some links this morning.
First up is DebtKid, keeping it real, with a post about debt and loneliness.
Silicon Valley Blogger has an article about recessions. I’m not in tune to the economy as a whole so this was an interesting read for me. I have read a few other articles yesterday related to the economy that didn’t sit well with me, and I’ll write more about them later.
Cleverdude started a mini garden. We have a small garden in our yard, but I’ve been thinking about bringing some of it indoors. With grocery costs increasing, it might be a good thing to do.
Lastly, congrats to NCN who just welcomed baby number three into his household! It’s funny, when I think of my son as a baby, I can still smell the “new baby” smell
Back in the “good ole days,” if we had extra money in our account it was time to go shopping! Oh how things have changed. Now that money goes towards our debt and reaching that next little milestone in our debt reduction journey.
Today we were able to pay an additional $600 towards our credit card debt bringing the total down to $10,998. By the look of things, that may may be the last big payment for this month. We’ll see, though, how things turn out with getting our fridge fixed. If the repair is covered by the warranty, we will probably have more money to put towards our debt.
Next month will be the big month when we break below $10K thanks to the economic stimulus rebate. I am getting butterflies in my stomach just thinking about it. For a while there, I wasn’t so sure we would be able to meet our debt payoff goal date of May 2009. Being at $10K in May of 2008 puts us in a good position to meet that goal. We would have to pay $833/month to do it (this assumes that we are able to keep our credit card debt at 0%).
A lot can happen in a year, so I’m going to stop there and not get too far ahead of myself. We are going to keep going with the strategy that has been working for us so far…we are going to pay as much as we can when we can and keep attacking our debt.
As you can see by our debt total at the left, our credit card debt now stands at $11,598. We received two payments that resulted in a $1,400 payment to our credit card. We received our tax refund, and my husband received some money for a piece of equipment that he sold.
I am so glad that we received our tax refund and the delay was not due to us having to pay some money last year. I have been a first-hand witness to someone’s account being seized by the IRS so I feared the worst when I saw our refund was delayed. The IRS won’t give you money back if they show that you still owe money. So I know that we are completely in the clear and all is well there. Whew.
The equipment my husband sold was a bit bittersweet. It’s nice to have the money, but in a way we no longer have that piece of equipment to sell in a pinch. It was one of the nicer things that we owned that we knew we could get a nice chunk of change for. After researching the going price on eBay, we decided to just sell it back to the company it was purchased from. As expected, it was a very simple process and we received the money as promised.
Our next windfall will be with the economic stimulus check that we should receive via direct deposit in May (here is a link to the payment schedule). Depending on where we stand in May, that payment should take us below the “five figure credit card” debt that we have had for so long.
We will be in four figure credit card debt range. Wow. We will really be on the home stretch.
About This Site
Credit Card Debt
- Starting = $37,614
- Paid Off = $28,882
- Current = $8,732
- $25 ING Savings Bonus
Savings Account
- Current = $4,000
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