Home > October Debt Update

October Debt Update

October 17th, 2023 at 04:20 pm

This debt update is based on our most recent credit card statement which posted on 10/16/23.  . I do these mid-month because our credit card closes on the 15th. I can’t wait for the day when we are consumer debt free and I can do our financial savings updates at the beginning of each month and I don’t have to take into account when our debt cycle closes!

Although we are not paying off our debt as fast as I would like, I am happy to say that our debt decreased! It actually went down by a pretty good chunk! This was a fantastic month for our credit card debt payoff!

Here is our current credit card debt totals:

            $11,907.49 at 19.99% interest  

Our total credit card debt stands at: $11,907.49. That’s a lot of debt. All we can do is just keep plugging away. We dug our hole one shopping trip at a time and all we can do is pay it back one month at a time.

Plus side: Our debt decreased! By a lot! We have the least amount of credit card debt that we have had in several years! This is the first time our credit card debt has been below $12,000 since before we moved in 2017! That is a major plus! We were yo-yo debting for years and never got below $12,000. We paid off $2104.87 of credit card debt (after interest); that amounted to 15% of our current debt! And we have paid off 52% of our total debt from our high of almost $25,000! We did have some “help” this month in that it was a three paycheck month so we had an extra $1000 to throw at debt… but I’m happy because we did throw it there!

Down side: No matter how much debt we pay off, it’s never enough. Of course, I hate that a couple hundred dollars went towards interest on our debt instead of towards the principal! Lastly, it’s actually a little depressing to see how long we have been on this roller coaster called debt freedom. We made some poor choices and have been living in a debt cycle for too long! It’s all our fault and we don’t even have medical problems or emergencies to blame for it; we were careless and irresponsible, but we are on track now and making progress.

Looking forward to: getting our credit card debt below $11,000 by our next statement and keeping it that way. I’m also looking forward to staying on the debt pay-off and blogging band wagon! I was off it for too long and it feels good to be making progress again! I’m wondering/hoping if we will actually meet our goal of being under $10,500 in credit card debt by the end of the year! It’s going to be close and I’m going to keep chugging along and doing the best I can!

This was a good month and we are working a plan! Clearly, I’m not in an ideal situation. But if I have to get out of debt one baby step at a time, I can do that.

I hope your debt freedom journey is smooth, uneventful, and beyond successful!

Wish us luck!

3 Responses to “October Debt Update”

  1. mumof2 Says:

    Just remember that each month the interest payment is less as well as you owe take that as a win as well...each month is a little better...and you will be debt free before you know it...keep going you got this

  2. MonkeyMama Says:

    Good Luck! I think that is the most honest self-assessment I ever read about getting out of debt. (Taking full responsibility). That's at least 90% of the battle.

    I wanted to chime in and say that I set all my credit card due dates so that they close at the end of the month. Actually a few days before. So if they close on the 25th, I just pay the balance through the last day of the month. My accounting brain just can't deal with mid-month credit card cycles. Of course, this presumes you keep credit cards. Maybe in your case you want to cut them all up, I don't know. But if you do keep using credit cards long term, it's a trick to make life easier.

  3. LuckyRobin Says:

    I think you are doing a fantastic job. Some months are so much harder than others and then you get the good months like this one. Keep putting one foot in front of the other, or one big toe in front of the other, as long as there is some kind of forward momentum, and you will get there and when you get there you will start skipping. It took us so many years to get out of debt, but it was worth it. These last 3 years of being debt free were worth every minute of penny pinching and scraping just to get by so we could throw it all at debt. It will be worth it for you, too. Just keep chugging along.

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