In January 2011, 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
I feel like I should have posted this month’s report a couple of days earlier so that I didn’t ruin the dramatic build up. But I always wait until I receive my credit card statements to do the write up, so I am at the mercy of my creditors.
Or am I???
That’s right, I made my last credit card payment yesterday!!
Matt and I had discussed using some of our savings to speed up the debt snowball last month so all we were waiting for was our tax refund to make the final payment. So when we received that yesterday, I figured what was the point of waiting til the end of the month? So after our monthly payment of $750 in January, I made a final payment of $3602.55 yesterday and paid. that. sucker. off!
But before you freak out, we do still have an emergency fund. It’s just smaller because we figured that money would be more wisely spent paying off our interest bearing debt than sitting in a savings account collecting 4%.
So after 14 months and $12,888.10 of monthly payments, we are officially credit card debt free!
I am reeling from all the opportunities that are before us now that we aren’t obligated to this debt. We still have loans to pay off, but not having to make that monthly credit card payment is such a relief and now we can focus those resources towards becoming completely debt free!
I’d also like to thank all of you for your continued support over the last year+. You have motivated, inspired, and cheered me on to stay focused on what sometimes felt like a unachieveable goal. I couldn’t have done it without you. MUAH!