War on Debt: Winning!

In January, I declared war on our credit cards.  With over $11,000 dollars in credit card debt, I mapped out a basic plan to accomplish the goal of being free of credit cards by 2012.  And in the spirit of complete honesty, I’m going to share the nitty gritty details with all of you.  (*Names of creditors have been changed to protect the not-so innocent.)

April was a good month.  We focused our spending and managed to make some much needed purchases.  (Shirts that fit!)  We corrected the debacle that was our March restaurant spending.  And we kept our debt repayment goal.  This may be the longest I’ve ever stuck with anything.  (*Ahem* C25K)

Of course, it could have been better…  My year end bonus is already pretty much spent but it was on things we really needed.  And maybe a few extras here and there…  So sadly, I don’t see that new mattress happening anytime soon.  But the bottom line is that we still stuck pretty closely to the monthly budget, and I’m okay with that.

Thankfully, we seem to be getting into the groove with our new budget.  Our cash only system for personal spending has been a fantastic tool for me to control my eating out and random expenses.  We are still working on what should be paid for with cash, though….

And on the debt repayment front, we are *this* close to paying off another card.  I might even try to squeeze another $150 bucks from somewhere to pay Badger off in full at the end of the month.

Interestingly, Badger also recently reduced our interest rate by 1%.  I guess they are trying to retain our business.  Why they would think 1% would keep me from paying off the card, I dunno….

Next post in the War on Debt: Salvage

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5 Responses to War on Debt: Winning!

  1. […] post in the War on Debt: Winning! This entry was posted in Budget, Debt, Goals. Bookmark the permalink. ← Dora the […]

  2. Jennifer says:

    You can start wearing white on Memorial Day. For me, this is really exclusive to shoes, pants, and skirts (Do I ever wear white pants anyway? No.) I always cheat with my daughter and let her start wearing white on Easter, considering that most Easter dresses look best with white dress shoes or sandals. My mom grew up in Texas–apparently the etiquette of white-wearing a big deal in the south–so apparently some of her craziness wore off on me.

    I’m impressed with your debt-conquering, by the way. 2011 was supposed to be the year of the Debt Diet for our family. And then I got pregnant. And then our main car broke down. So we bought a minivan instead. Life’s little surprises sure are a roller-coaster aren’t they?

    Anyway, way to go!

    • Jen says:

      I actually have a pair of white linen pants circa 2003. I don’t know why I still have them. And even if I did fit into them again, would I really want to wear white linen pants?

      Everything happens for a reason… We are in massive debt because I was unemployed for two years. But they were the best two years because I got to stay home with Allison. Worth it.

  3. Posh says:

    Stopping by to say hello and to follow.
    have a great day!

  4. hooray for paying off debt and sticking to a budget!
    wanna do one for me? my hubs would be grateful…I spend way too much on skinny vanilla lattes (2 splendas!) and Target…sigh…