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Knocking down debt

October 21st, 2008 at 12:43 pm

Well wouldn't you know I pay off a card and they end up being one of those nasty two cycle billing bums. Good thing is the interest that they charged me was $12.25 (compare that to 5 months ago and the same card's interest charge was $239.55! What's really funny is I look at the account in MS Money and I can see all 5 months since I stopped using the card in one screen and I can only see about 3 days prior to that (basically had the same amount of transactions in 5 months vs 3 days!) I paid the $12.25 immediately upon getting billed for it and now the card is back to ZERO so I don't have to add it back to my debt tracker.

Now it's on to Card 2 which will get the brunt of our attack. Tomorrow I get the $3334 check (which I've been highly advertising the last 30 days or so) to add to what we have left over from this pay and I'll be able to make a payment of (yep I have it budgeted to the penny!) $5447.20 (ta da!) I am going to wait until I officially make the payment (will be on Thursday) to update it so for now here's the ugly truth:

Debt Tracker (10/21/08)
Card 1: $41994.47 (8.99)
Card 2: $29196.96 (8.99)

Paid off since 05/01/08: $38170.29

Posted in Watch our debt go to zero! | 6 Comments »

6 Responses to “Knocking down debt”

  1. Personal Finance Student Says:
    October 21st, 2008 at 02:05 pm 1224597918
    1224597918

    I hate it when I have an interest charge bill left after I thought I'd paid off a card. I can sympathize. Congratulations though; that's a great feat!

  2. creditcardfree Says:
    October 21st, 2008 at 08:08 pm 1224619694
    1224619694

    Great job, once again!!

  3. merch Says:
    October 21st, 2008 at 09:22 pm 1224624130
    1224624130

    Nice!!! Keep at it!!! Great progress!!!

  4. snoopycool Says:
    October 21st, 2008 at 11:31 pm 1224631889
    1224631889

    I've had that happen before. I asked them to drop the interest charge and they were very willing to do so. May or may not work, but all they can say is "no".

  5. boomeyers Says:
    October 22nd, 2008 at 06:36 pm 1224700592
    1224700592

    I've paid more attention to the interest amount since I started reading your blog. I took my AMex and flipped it to other cards. I won't let them charge me 25%!!!

  6. I-78 Commute Says:
    October 22nd, 2008 at 07:19 pm 1224703160
    1224703160

    Thanks guys! That interest can add up fast! When you think about where you could put that money instead of just giving it away to the darn cc companies it can really get your blood boiling! I'm about to post the payment to Card 2...yee haw! Snoopy that's not a bad idea...I already paid them though but I might try anyways. boo...don't let them get away with it...they'll really get you when you're not looking! Smile

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