Thursday, October 23, 2008

Fourth Week of October Update

This week marked the week where our total debt dropped below $47,000.  If we stay on track next week, our balance for the credit cards will drop below $8,000.

Having started the week with $4,335.69, we paid $559 off the American Express to end up with a balance of $3,776.69.  To reach our goal of getting the balance down to $3,400 this month, we need to pay another $376.69, which should be doable.  Next week marks another paycheck from Walmart, in addition to a check from one of my wife’s jobs, and there’s always what I put against it every week anyway.

Since the start of the month, we’ve paid off $2,025.55 in 28 days, meaning we’ve been throwing over $72 every day against the credit cards.  That still falls far short of the $120 or so we’d need to pay off both credit cards by the end of the year, but we are on track for paying off the AmEx by the 15th of December anyway.  That means that we should be completely done with credit cards by the middle of February.  I wanted to be done with the credit cards two years from the start of our debt snowball, but we really don’t miss that by much at all.  And that’s still almost an extra $15,000 per year against those.

We now owe less on the two credit cards than we do on my truck, and in about two weeks, we’ll owe less on all three of those than we do on the car.

One of the amazing things is that we started the year with 3 credit cards, one with a balance over $3,000 and two sitting at about $8,000, and we will end up with one credit card having a balance of about $4,000.

As you can imagine, I’m very anxious to see the end of the year.  A chapter in my life is fast drawing to a close, and I can’t wait to experience it!


  1. I am just beginning my debt free journey. I hope we have as much success as you have.

  2. Great job! I need to set some annual goals myself. It's exciting to watch the balance drop. :)