This is a great way to start off the New Year! As of the end of December our total credit card debt is finally under $10,000 ($9,776.07 as I write this). The balance has been just over $10,000 for about 2 months now, but I have slowed down payments recently as we may be facing some uncertainty with jobs and other things.

One of my goals for 2008 was to pay off all the credit card debt. We didn’t accomplish that, but I knew it was a rather lofty goal and not hitting it isn’t so bad. The good news is that we paid off $8,728 and eliminated two of the four original credit cards—including the highest interest rate card (was about 11%). Our remaining two cards are both locked in at under 5% interest.

One of my goals again for this year will be to eliminate the credit cards entirely. We’ll have to come up with a little more money than we did last year, but with more hard work and a more intense focus on frugality I know we can do it.

By Eden, Fri 2 Jan 2009, Comments Categories: Credit Cards, Debt