1.03.2012

December Credit Card Debt Recap

Hello, 2012!  This past year was quite a great financial year for our family and I hope that this new year can be just as good.  It's my wish that all of you, my awesome readers, can have a great year too... not just in finances, but in happiness, health and spirit as well.

We had started 2011 with $13,402.24 of debt on two major credit cards, plus some more on store cards.  The store cards were paid off and then we went to work on these two major cards.

Through frugal tactics and cutbacks, an increase in income, transfers to new 0% interest cards and sheer determination, we've managed to pay off over $10,000 in credit card debt this year!

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

Chase 1 - $0
Chase 2 - $0
CitiCard1 - $0
CitiCard2 - $3,700.00
_____________________
Total - $3,700.00

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

Chase 1 - $0
Chase 2 - $0
CitiCard1 - $0
Citicard2 - $3,600.00
______________________
Total - $3,600.00

In the month of December, we paid off a measly $100 in credit card debt.  Not great, I know.  But... the extra cash we had all went into purchasing Christmas gifts as well as some home improvement things we needed to take care of. 

Paying down only $100 worth of credit card debt may not seem like much, but when I focus on the fact that we were able to purchase gifts for our family, teachers and close friends with cash, it makes me so proud.  In years past we always relied on credit cards too much and ended up with a big bill in January.  And of course, we could never pay it all off right away, so we ended up carrying a balance.  But not this year!

Technically we did use our credit card this year, so we could take advantage of the great cash back rewards. But we only charged what we could easily afford to pay off right away.  The balance was then paid off long before we ever got a bill, so by the time Christmas arrived, we were debt free on that card.  So yea, I'm pretty proud of that and I hope to be able to do that every year going forward.

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