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Big Announcement – The Goal Date is Set

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Goals scare me, because I don’t like to fail. I have been toying with naming a date to be credit card debt-free by and I have decided to just go for it.

Thanks to the debt calcuator at CNNMoney.com, it was determined that I could be debt-free in 3 years. Just imagine…$37K of credit card debt gone in three years. I like the sound of that 🙂

The amount I have to pay monthly is a little over $1050/month (just for the credit cards – not counting other debt). That is a large chunk of our net monthly income, but it can definitely be done. Let me rephrase that…it WILL be done.

So, without further ado …

Target Date to be Free of Credit Card Debt: May 1, 2009

My game face is on, and I am ready to show my credit cards a thing or two 😉

Tags: card+card, debt

27 Years, 8 Months – Sounds Like a Prison Term

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It will take me 27 years and 8 months to pay off my credit cards if I only pay the minimum payments.

Oh my….

That means I would be 56 years old before my credit cards are paid off!!!

Going further with that scenario, I will pay $26,024.44 in interest if I only pay the minimum.

That’s not funny, it’s pretty darn serious. And it is adding more fuel to the fire to become debt-free!

Need some motivation? Get your credit card balances, interest rates and minimum payments ready and use the calculator at CNNMoney.com Debt Planner.

Tags: debt+reduction, debt, credit+card