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April Debt Update

April 16th, 2024 at 07:23 pm

This debt update is based on our most recent credit card statement which posted on 4/16/24. I do this mid-month because our credit card closes on the 15th. I can't wait until we are credit card debt free! Once we are credit card debt free, I will start doing updates at the beginning of the month. We still have other debts. Recently, we bought a car so now we have a car payment, we are also in the process of moving and will still have a mortgage. Once we move and are fully settled, I will do new debt updates based on those debts as well as savings updates on our savings progress. But those updates are a while off because I have still have credit card debt and we haven’t moved yet!

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 as much as I would have liked this month, but it never does. However, a decrease is a decrease!

Here is our current credit card debt total:

            $8490.08 at 19.99% interest  

Our total credit card debt stands at: $8490.08 That’s still a lot of debt, but we have seen more progress in the last 20 months than we have seen in the last 9 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 paid off $1111.10 of credit card debt (after interest); that amounts to almost 12% of our current debt. And we have paid off 66% 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! This is ended up being a spendy month and if it weren’t for The Husband’s extra paycheck, we would have paid down almost nothing from out debt.

Looking forward to: having the lowest credit card debt we have had in over 9 years and ontinued progress on our debt. Next month's total will be the lowest credit card debt we have had in probably 20 years where we actually have worked to pay off the debt as opposed to  cashing out a pension or 401k. We have paid off our debt through budgeting and hard work!  This feels like accomplishment! My district voted on our raise and now we are waiting for the county office to issue it and then to get our retro checks. Mine should be around $4000 and it will almost all go towards our debt! Those payments won’t be issued until late May, but I’m very excited to be able to use that towards debt. I will also get a small stipend for coaching soccer of about $1700 and that will all go towards our debt, too! My soccer stipend should come before our next billing cycle closes while my retro check will not come until after it closes.

I feel really good about our progress and am looking forward to knocking our credit card debt out in the next couple of months.

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

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