$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.
Hurrah!!!! (Huge round of applause) Keep up the good work!!
Thanks for the encouragement!
Awesome! So good to be under a thousand. Very exciting. Congrats!
that's really motivating! I paid one off last month and have one that will be done in November, too, if all goes according to plan. I won't be buying presents this Christmas, but I think my parents will understand. One benefit to being single is having only one family to buy for, and being that they're my parents, they don't care. 🙂
Lynsye, Congrats on paying off a credit card last month! I hope you can meet your goal of November for your other card. 🙂 I think your parents will totally understand not buying Christmas presents. 😉
Thanks Alilia! We can't wait to be done with this card next month!
Well done, and it is encouraging.