3.21.2012

February Credit Card Debt Recap

Welcome to my monthly recap of the progress we make on paying off our credit card debt!  It's an exciting adventure, really :) 

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

CitiCard1 - $0
CitiCard2 (0%) - $3,500.00
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Total - $3,500.00

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

CitiCard1 - $0
CitiCard2 (0%) - $3,400.00
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Total - $3,400.00

We paid off another $100 of our credit card debt. That may not look too exciting, compared to us paying off over $10,000 last year, but I have other exciting news!  Last month we were able to pay off the last $2,700 on our car loan!!  I am so super excited about that.

But we didn't get to celebrate for long.  Unfortunately, right around the same time, we learned that we will have a significant drop in income in the very near future.  (I'm unable to discuss the details quite yet.)  Considering we are a one income family, it'll be a pretty big hit to our finances. 

Right now, the plan is to keep paying as much as we can to this credit card.  The 0% interest is up in November, so ideally, we'd have it paid off by then.  But now we also have to stick some extra money into savings, to prepare for a loss of income as much as we can.  So we'll be splitting up our payments to the credit card and to savings.

If we were somehow able to pay off this card before November, that would be great.  It'd be one less bill to have to worry about paying on a reduced income.  And we'd be avoiding any interest!  I'm really not sure we can make that happen now, but it's surely a goal.

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