Thursday, April 28, 2011

9 months from now!

I won't be giving birth... but there will be a celebration :) If all my late night calculations are correct, we will be done paying off our credit card with the highest balance and interest rate in January!

The current balance is at $20,319.

This card has two interests rates on it, one for our purchases (16.99%) and one for cash advances (23.99%).

Our new target deadlines are as follows:

  • CC # 3 - Current balance of $952.04 @ 15.15% will be paid off next month!

    (I debated saving this one for last since it has the lowest interest rate, but decided that we could use the momentum to really get us going - so this one will be first!)

  • CC # 1 - Current balance as mentioned above will be paid off in January 2012.

  • CC # 2 - Current balance of $17,702.19. This card has two interest rates as well : 15.24% for purchases and 19.24% for cash. The plan is to have this paid off in June 2012.
For those following along, this pushes our timeline up by 6 months - from December 2012! I AM ECSTATIC and ever hopeful that my rough calculations of interest payments are fairly accurate. I'll keep a close eye on statements as we move forward to check that we are on track to meet our goals. Honestly, I know the jury is still out on whether we should spend money to take a vacation while in debt, but these dates are not even calculating in those additional paychecks, so it could be done even earlier if we decide not to indulge along the way.

I liked this saying I recently found and I wanted to share it:

"Hard Work + Good Choices + Wise Decisions = Success"

I know it seems like common sense, but doing it can be tough. Print out the saying and put it up on the fridge or mirror or use it as your screen saver as a constant reminder. We can all do this! It's not going to be easy, but it's going to be worth it. Stay positive, stay focused and you will be successful in the end.

I may not update for a few days since this is the weekend we move. I'm scheduled to have Friday and Monday off so I likely won't be back until Tuesday. Enjoy the weekend!


  1. Have you used What's the Cost? It can help predict the interest and such. I am mucho impressed that you can pay off 28k in just over a year!!!!

  2. @ Mysti - I hadn't heard of it. I'll go check it out, thanks!

  3. Since really starting to concentrate on debt repayment we have move our original projected payoff date up by 5 months. You will be surprised at how these dates change. When you change marvelous things happen.

  4. Wow, that's incredible! I'm with Mysti - that's really impressive!! It's really amazing to me that when you start this process you are counting pennies just to make minimums and all of a sudden you are accelerating your payoff date by leaps and bounds. You're going to be done before you know it!


  5. Way to go babyblue! I think it is a good idea to pay off the smaller card. According to Dave Ramsey, it gives you a motivational boost to keep going.

  6. I love your saying!! I am going to print and post 3 copies in my house. One for myself and for each of my older 2 kids.

    You have really taken control of your debt! Inspiring!

  7. How awesome to pay it off 6 mos. earlier!

    Good luck with your move!!

  8. Yippee! This is great news. You sound pumped too. That is only going to help.

  9. how exciting!! knocking six months off is fantastic!
    I use whats the cost to do my snowballs, I look at it every day (tragic, I know!).
    We are debating the vacation issue as well.

  10. I'm new to your blog, but this is just frickin awesome! Go you! I look forward to being a part of the journey and cheering you on!

  11. That's only 14 months away!! That will zip by before you know it! Proud of you!

  12. I thought for sure that you were going to say you were pregnant when I read the title but this is very good news too. 6 months is a long time to knock off of your debt repayment schedule. :)

  13. 6 months is huge!!! That is wonderful!

    Happy Moving Weekend!

  14. wow 6 months! Good luck and congratulations!