Tell All Thursday ~ Under $1000 in December?
So the big news this week is that by the next edition of Tell All Tuesday on the 31st (next week’s will be preempted by Christmas), we may have the credit card debt under $1000. We should have the credit card debt under $1000 if our trip spending goes as planned and the pending blog and other alternative income revenue pans out. I would love to say that the credit card debt will be eliminated in 2007, but that would take another windfall occurring. I will however, come as close as I possibly can to getting it gone. It is so close that I just can’t stand even thinking about it any more.
I made all our “standard” payments to each of our four debts this week plus paid extra to the credit card from scraping together all of our miscellaneous snowflakes from alternative income and budget savings to make as large a payment as I possibly could at this time. Our new numbers are:
Debt at start of blog (6/19/07) : $36,451.71
Current total as of 12/20/07: $28,267.93
Principal paid to date: $8183.78
Broken down into:
- Credit Card: $1258.46 (made $500 payment 12/14/07)
- Student loan: $11,801.79 (made $144.50 minimum payment 12/16/07)
- Spouse student loan: $11,853.33 (made $237.59 minimum payment 12/19/07)
- Car loan: $3354.35 (made $228.32 minimum payment 12/20/07)
% of debt paid off (from NCN Network Chart) : 22.45% (last week 19.87%)
Our total paid to debt principal is now over $8000! And our percent paid is well over 20% and fast approaching 25%. I would love to say we will be at 25% by the end of 2007 but that would take another $929.52 in the next 10 days - likely as unreachable as paying off the entire credit card balance by then. But I think we will be able to put somewhere between $300 and $700 towards the credit card once we return, which would drop our credit card total to anywhere from $700 to just under $1000. That’s my new short term goal.
My stretch short term goal? Eliminating the credit card debt in January. I don’t know if it will happen, but it is very possible. Just have to keep working at alternative income and not spending any money unnecessarily. And maybe I’ll get a few dollars for Christmas. It is the season of snow, after all!
Have a happy holiday and I hope to have exciting credit card news (if there is such a thing) in a few weeks!
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December 20th, 2007 at 4:17 pm
That’s great!!!
I think you can do it.
(site’s back up. Yay!)
December 20th, 2007 at 5:21 pm
PT, you’ve made such great progress the last couple of months. Keep it up!
Which debt goes next? The car?
December 20th, 2007 at 5:31 pm
Actually the spouse’s student loan is next, which is at 9%. the car is only at 4%. It is tempting to think about knocking out the car because it could be done faster but just staying on track with it, it would be done by March 2009 anyway. I am hoping the spouse’s student loan will be too.
I have to have a long think about how to effectively deal with Sallie Mae.
December 20th, 2007 at 9:14 pm
Great job!!
December 21st, 2007 at 1:37 pm
Good JOB!! Congratulations, and I wish you continued fortitude and success.