This debt update is based on our most recent credit card statement which posted on 11/16/23. I do these mid-month because our credit card closes on teh 15th. I can't wait until we are credit card debt free!

As always, we are not paying off our debt as fast as I would like, but I am happy to say that our debt decreased! It actually went down by a pretty good chunk, and by more than I was expecting this month!

Here is our current credit card debt totals:

            $10,761.64 at 19.99% interest  

Our total credit card debt stands at: $10,761.64 That’s still a lot of debt, but we have seen more progress in the last 15 months than we have seen in the last 8 years. 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. We are starting to see the light at the end of the tunnel and the light is getting bigger and brighter every month.

Plus side: Our debt decreased! 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 $11,000 since before we moved in 2017! That is a major plus! We paid off $1145.85 of credit card debt (after interest); that amounted to 9.6% of our current debt! And we have paid off 57% of our total debt from our high of almost $25,000! The amount of interest we pay monthly has decreased by over $127 per month!

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! We are heading into the holiday season and we always increase our debt, so I am afraid of that. I understand our progress will be slowed, but I am hoping and praying for discipline and the continued decrease of our debt!

Looking forward to: getting our credit card debt below $10,500 by our next statement and keeping it that way. It’s looking like we will actually meet our short-term goal of being under $10,500 in credit card debt by the end of the year! I’m also excited to make a new short-term goal! There is a slight chance that we might be under $10,000 on our next statement. It’s going to be close and I’m going to keep chugging along and doing the best I can! And whether or not that happens on our next statement, I’m super excited to drop a number on our debt in the near future!

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