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.