$1,028.48 starting balance
– $25.00 minimum payment
– $300.00 snowball payment
= $703.48 current balance (65% paid!!)
It feels good to make some real progress this week. We owe less than a thousand dollars!
I hate that the bank will only allow me to make payments every three days. I probably need to start making one payment a week instead of sending multiple smaller payments. The $300.00 payment hits our account on Monday because I had to schedule it in the future due to having just made the minimum payment. It doesn’t seem fair that the bank can charge interest on my daily balance but I can only send payments every three days. That’s just a bit lopsided in their favor.
For this upcoming week, I should be receiving a paycheck for my contract work shortly. As far as I know, that will be the only payment for the week. The only other possibility is the mail in rebate for our tire purchases but I don’t expect that check in the immediate future. The fine print stated that rebates can take up to six weeks and I mailed in the paperwork a week ago.
We are in route to having this credit card paid off by the end of November, which was our goal. I am very excited and can’t wait to see one less bill each month.