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February Debt Update

February 16th, 2024 at 05:55 pm

This debt update is based on our most recent credit card statement which posted on 2/16/24. I do this mid-month because our credit card closes on the 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 more than I was expecting this month because we have had some unexpected expenses pop up!

Here is our current credit card debt total:

            $10,000.30 at 19.99% interest  

Our total credit card debt stands at: $10,000.30 That’s still a lot of debt, but we have seen more progress in the last 18 months than we have seen in the last 8 years. All we can do is just keep plugging away. 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 $10,000 since before we moved in 2017! (Although it’s not technically, I’m counting it because when our car was stolen, they drove over a bridge and that triggered a $25 charge on our FastTrack. Since the charge wasn’t ours, and will be reimbursed, I am counting it as our debt is below $10,000, because without that charge, we would have been under $10,000!) That is a major plus! We paid off $760.66 of credit card debt (after interest); that amounts to 7% of our current debt! And we have paid off 60% of our total debt from our high of almost $25,000! The amount of interest we pay monthly has decreased by over $150 per month from its peak! I’m super happy that I received an expected paycheck at an unexpected time to push us past the $10,000 threshold!

Down side: No matter how much debt we pay off, it’s never enough. I’m a little bitter about the stolen car triggering an automatic purchase so we aren’t technically under $10,000, but all I can do is roll with it! Of course, I hate that nearly two hundred dollars went towards interest on our debt instead of towards the principal! We still have a ways to go before we are out of credit card debt!

Looking forward to: continued progress on our debt. I’m excited for March because it has an extra payday for my husband (which won’t actually affect our debt until our April statement, but I’m still excited for it).

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

3 Responses to “February Debt Update”

  1. Lots of ideas Says:

    Are you close enough to payoff, and have a high enough credit score, to open a 0 interest credit card and transfer some or all of the balance?
    Or call the credit card company and make the case to lower your interest rate based on years of on time payment?

  2. MonkeyMama Says:

    Obviously it's way worse that the car was stolen but... That is crazy! Just salt in the wound that the fraudulent charge is keeping you 30 cents over $10K goal.

  3. Brunette Says:

    We could probably find a card to do a 0% balance transfer and have good enough credit (795-815 depending on the company) but we are planning to move in a few months so are not trying to make any more big changes than we have to (like buying a new car because ours was stolen).

    Salt in the wound is right! I was a little bitter when I got my statement!

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