Home > March Debt Update

March Debt Update

March 18th, 2024 at 03:35 pm

This debt update is based on our most recent credit card statement which posted on 3/16/24. 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 again; not by much this month, but I’m trying to take my wins where I can get them.

Here is our current credit card debt total:

            $9601.18 at 19.99% interest  

Our total credit card debt stands at: $9601.18 That’s still a lot of debt, but we have seen more progress in the last 19 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! We dropped a digit on our debt! This month our debt is OFFICIALLY below $10,000! That is a major plus! We paid off $399.12 of credit card debt (after interest); that amounts to 4% of our current debt. And we have paid off 61% of our total debt from our high of almost $25,000! The amount of interest we pay monthly has decreased by over $185 per month from its peak!

Down side: No matter how much debt we pay off, it’s never enough. Of course, interest, interest, interest – that will always be a down side, and we still have a ways to go before we are out of credit card debt!

Looking forward to: having the lowest credit card debt we have had in over 9 years! Continued progress on our debt. I’m excited for March because it has an extra payday for my husband and about half of that is going to go straight to our debt.  There is even a (very slight) chance that we skip the “$8000s” all together and our debt will be in the “$7000s” for my next debt update. Also, my district voted on our raise and now we are waiting for the county office to approve it and then to get our retro checks. Mine should be nearly $5000 and it will almost all go towards our debt! I will also get a small stipend for coaching soccer of about $1700 and that will all go towards our debt, too! There is a possibility that we will be credit card debt free by the end of the school year and I am giddy with hope!

For the first time in a long time, I feel like I have a lot to look forward to regarding our debt.

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

2 Responses to “March Debt Update”

  1. mumof2 Says:

    that is awesome hope it qall works out with the extra money and it is paid off by end of school year it will be here before you know it

  2. CB in the City Says:

    Paying off debt is a slow process, especially when you have a high interest rate. But it's so satisfying, even if you are only chipping away at it. Every win, like getting below $10K, is something to celebrate. I'm rooting for you!

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