2.16.2011

January Credit Card Debt Recap

If you've been following along, you know that Hubby and I are working to greatly reduce our credit card debt this year.  If you're just tuning in, you can read here and here.

I want to keep track of how we're doing, so I'll be doing updates every month or so.  As of the beginning of January our credit card totals looked like this:

Chase 1 - $8,575.64

Chase 2 - $1,199.35

CitiCard - $3,627.25

Total - $13,402.24

And then at the end of January, our totals looked like this:

Chase 1 - $8,464.49

Chase 2 - $0

CitiCard - $3,573.25

Total - $12,037.74

So we're down $1,364.50!!!  Yay, that was an awesome month and a terrific way to start our year.

I wish every month could be that great, but unfortunately that's not possible.  We were lucky to have that extra money in January to knock off the one card entirely, but most months will not look like this because we just don't have that much flexibility.

We knocked out our card with the lowest balance first to get our momentum going and prove to ourselves that we can do this. 

Next we will work on paying off the Chase1 card.  Although the CitiCard has a lower balance, that one also has 0% interest for over a year, and the Chase1 has something like a gazillion percent interest.  Ok, so maybe it's not that high, but it sure seems like it when it's our money going to waste.

Check back in a few weeks to see how February goes for us!

2 comments:

The Budget Diet said...

Here's an article on painless penny pinching...maybe there's an idea or two or three that will help! http://www.TheBudgetDiet.com/cut-your-spending-by-11-a-day-and-save-4000-a-year

Ruth said...

Nice going! Now I don't feel so bad though, all I've got for credit card debt is one card with a little over $7k on it. Hopefully can get it at least halfway paid off by the end of the year.