It’s been a while since I updated my credit card debt payoff progress. That’s probably because I haven’t been focusing on paying them off very much lately. Of course, I’m not using the cards, so even just paying the minimum payments is reducing the balance. However, I’m not paying much extra so the progress has slowed quite a bit lately.
My starting balance was $25,559.82 when I started this blog in September, 2007. Through the end of June, 2009, the balance is now $7,876.90. The total paid off so far is $17,682.92. That’s about 22 months, for an average monthly reduction of $803. I was doing much better with that, but over the last few months I’ve only paid a couple hundred dollars toward the debt.
I started 2009 with the goal of paying off the credit cards completely. I’m no longer on pace to make that happen, but I’m still hopeful that it can be done. If I can cut out some more spending and find some extra sources of income it might still happen. At the very least, I want to finish paying off the smaller of the two cards, which has a balance of $2,905.70. Getting at least that much done shouldn’t be a problem.
By Eden, Wed 15 Jul 2009, Comments Categories: Credit Cards, Debt
July 15th, 2009 at 2:15 pm | Money Funk said:
You’re doing great! I wish that I could say the same. I wish I go keep that go-getter attitude that comes with the start of a new year. And apply it all year to PIFing my debt.
Now, if you find a way… you could market it and make your extra dough.
July 17th, 2009 at 9:11 pm | Matt Jabs said:
Wow dude!! That is some impressive stick-to-it-ness. Way to go!
I started 2009 w/just over $15,000 in total high interest debt that I wanted gone by 12/31/2009 as well, but some things came up that have slowed my pace as well.
I am praying for something cool to happen to get me back on pace, so we’ll see that God has in store for me!
Godspeed man!
July 19th, 2009 at 10:50 am | Eden said:
Thanks for the support! Best of luck to you guys too!