July Credit Card Debt Recap

At the start of 2011, Hubby and I had $13,402.24 in credit card debt.  Ughhh, right?  We got tired of living with it hanging over our heads and (with the help of a pay increase & some new motivation) have started to really tackle it. 

We used some savings to give us a good jumpstart and paid off a large part of the debt.  Since then we've boosted our savings back to where it needed to be, have continued to put money into savings on a weekly basis, and we're making extra payments to our credit cards, focusing on one at a time.  Here's a recap for the month of July.

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

Chase 1 - $0
Chase 2 - $0
CitiCard1 - $3,450.00
CitiCard2 - $4,012.25

Total - $7,462.25

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

Chase 1 - $0
Chase 2 - $0
CitiCard1 - $2,980.00
Citicard2 - $3,950.00

Total - $6,930.00

So for the month of July, we paid off $532.25 in credit card debt. Yay!  Let's keep it going!

Our goal is to have the CitiCard1 paid off by March 2012.  That's when the 0% interest offer expires and obviously we really want to avoid paying any more interest than we already have from when this balance was on a higher interest card last year.

To meet this goal, it means we need to average $426 paid each month... just for the CitiCard1.  That's tough, but I'm confident that somehow we can make it work.  Check back next month, to see if we can keep up with our goal.

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

1 comment:

JoannaTopazT said...

Congratulations on your progress!