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New Goal and New Strategy

November 1st, 2007 at 08:55 pm

In a little over a year, my credit card debt will drop to $3k. Yes, you heard me right I am going to pay off over $14k in the next year (which sadly is what we paid off in cc debt last year and no we didn't accumulate any new on his side of the equation or mine. We really did start out with that much debt.)

Originally the plan was to pay off only 2 cards, pay min. payments on the last 2 and save the remaining amount of money for a downpayment. However, with more money coming in, we can now afford to have me focus on aggressively paying off my remaining credit cards and leave my dh to save the down payment.

Definitely feeling better about our progress.

Posted in Goals | 2 Comments »

2 Responses to “New Goal and New Strategy”

  1. reflectionite Says:
    November 7th, 2007 at 10:33 pm 1194474809
    1194474809

    i started off with paying a little extra than the minimum repayments on my loan, and saving for a house deposit as well, but then once i started putting more and more money in to pay off my loan i got excited about it and it seemed so much more sense to get rid of the debt as quickly as possible. though i still save a little, my main focus is paying off my loan because i know once that's done, saving money for MYSELF (rather than to pay off debt) will feel so much more rewarding. good luck with it! i hope you can stay focused!

  2. Caoineag Says:
    November 7th, 2007 at 10:52 pm 1194475944
    1194475944

    Thank you! I am definitely ready for all the debt to be gone, we just have to balance that with getting out of renting our current place. Its just a matter of time before we have issues such as rent going up dramatically (the new owners have been doing some drastic remodeling and someone's going to have to pay for it). My place charges an extra $400 per month for renting month to month and that doesn't even include any rent hikes!

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