May - June Credit Card Debt Recap

Another two months have passed in our great credit card debt payoff adventure.  I figure an update is due.  At the start of 2011, we had $13,402.24 in credit card debt.  We've worked hard for the past six months towards paying it off.  Here's a recap for the months of May and June.

At the beginning of May our credit card totals looked like this:

Chase 1 - $0
Chase 2 - $0
CitiCard1 - $3,627.25
CitiCard2 - $4,135.25

Total - $7,762.50

And then after May and June, our totals looked like this:

Chase 1 - $0
Chase 2 - $0
CitiCard1 - $3,450.00
Citicard2 - $4,012.25

Total - $7,462.25

So, for the months of May and June, we paid off $300.25.  And since the beginning of the year, we've paid off $5,939.99 in credit card debt.  And that's just counting these major cards... we had a few store cards that we've paid off as well!

For the past few months, we had been focusing most of our extra money each month towards rebuilding our savings.  We had originally used part of our savings to pay off a credit card, so we had to build that back up.  We've now managed to do that, so going forward our extra money will be directed back to paying off the CitiCard1 first, then the CitiCard2.

Luckily both of those cards have 0% interest for awhile more.  The 0% on the CitiCard1 will expire soonest (March 2012), so that's why we're focusing on paying that one off before then.

Check back next month, to see how well we're keeping up with it!

To see my previous posts about our debt payoff journey, go here.