Debt reduction plan started in January. To date, here is my status:
Orthodontics - $1130 = paid
Sallie Mae Student Loan - $3850 = paid
CC#1
*January balance = $3,550
*Current Balance = $2,950
CC #2
*January balance = $11,118
*Current Balance = $7,880 to be paid off tomorrow with tax return money + $1880 from payroll!
Cars 1, 2 & 3 = $80K
House = $150K
TOTAL DEBT PAYOFF FOR 2011 YTD = approx $16,700
As happy as I SHOULD be about paying off my stupid credit card tomorrow, for some reason I'm not that excited about it. I will pay it off tomorrow morning and then close the account once the payment is cleared and balance is $0. For some reason BoA can't seem to update the balances when you make online payments until a couple days later. BUT my money is definitely deducted as soon as I issue a payment....??
Anyway, I am glad to have that one gone. With such a high balance, my interest payment was always high and that always pee-peed me off. I'm glad it will be gone and I will never do that to myself or my family again. The other one CC#2 should be pay off by the first pay period in April. Same story there too - will close the card down once the balance shows $0.
That will leave my cars and my house. We are selling the house and have a plan to accelerate paying off the cars within 6-8 months. If we don't sell the house, we still have a plan to have them all paid off in less than 2 years....unless I need to sell one.
If the house does sell, we will rent locally and save money so we can pay CASH for our next house in 3 years once my middle daughter graduates HS. We think we will be relocating but not 100% sure just yet.
Anyway, while I have made great progress by getting "Gazelle Intense" and killing off this debt....for some reason I'm not feeling as excited or relieved as I thought I would be. I am very grateful but I think I'm probably feeling "behind" at this point since we don't have any money invested and no significant savings. Hopefully that will be drastically improved by the end of this year...and well underway going into 2012 & beyond.
This weekend was a giant suck-fest for me, hopefully the coming work week will be much better. It can only improve, right??
have a good week :-)
Debt Update #2
February 28th, 2011 at 02:31 am
February 28th, 2011 at 03:15 am 1298862912
I think you have a good plan for getting out of debt. I do think the excitement sort of wears off after a little while when you're on a serious plan of debt repayment. I was really excited to pay off my first big loan and the first credit card and it was kind of this natural high.
Now that I'm working on card #2 I'm a little...eh. I mean, I'm still happy with every bit of progress I make, but I'm no longer jumping up and down on the bed in glee. Part of that is simply that the next couple cards are going to be more nose to the grindstone to pay off and not going to go as easily as the others did. But I just tell myself to keep my focus, because it is so important to my family's financial future. And to not be distracted by pretty cars, but that's a whole other story.