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Thursday, February 14, 2008

Credit card payoff. . . getting closer!

While sick at home yesterday, I took the opportunity to complete my tax returns, and realized that I would be receiving a slightly higher refund that I anticipated! Once the visions of new wedge sandals stopped floating above my head, I started getting excited about putting a larger chunk of this cash (my own money, after all!) toward my debt repayment.

This inspired me to list my remaining credit card debt, which can (hopefully) be seen in the spreadsheet below. . . .



I hope to have all credit debt paid off by October of this year, after which I'll start padding my emergency fund (currently at $1,000) and then work on my student loans ($50,000---ouch!) and my mortgages. By the way, at this time two years ago, I had NO credit card debt----I promise to write soon about how I squandered my financial fresh start!

I'm excited to rework this spreadsheet soon, to show the large refund amounts I'll be throwing at my debt, hopefully within the next two weeks!

3 comments:

Dawn said...

Congrat's on getting your debts all down on paper - and committing your refund to debt! Hope you are feeling better quickly!

Geo said...

Why are you making additional payments to your 0% and 4.99% interest credit cards? You should be paying minimum on those until you pay off your 9.99% interest credit card. The best thing to do was to use the additional $137 to the credit card with highest interest which is credit card one. You should consider this for the future too

Finally Frugal said...

Hi Geo! Good question! I only have 0% for another couple of months, so I'm tossing a few more dollars that way, and when will pay it off completely when I get my tax refund, hopefully in the next couple of weeks.

Although I'm only giving the 0%'er about $15 extra a month, it gives me some satisfaction to watch the balance drop a little more quickly. I definitely never put $100 or more on that one, knowing that I'd be paying it off just before the 0% was up and avoiding the additional finance charges. . . .

Thanks for hte comment!

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