Wednesday, August 22, 2007

Milestone - under $20K in "bad" debt!

I was revamping our budget tonight (more on that later) and decided to update all our accounts. We have recently dropped under $20,000 in "bad" debt! I am so excited. Our current total is $19,953.12. Not too far under $20K, but still.

Now I know this is still A LOT of debt to be in. Considering that in October 2006 we peaked at $38,440 in credit card debt, I am really really proud of us. We've come a long way in less than a year. It's very encouraging to know that despite some recent regressions, we're still making headway. I still plan on making one more payment in August as well.

Based on our current numbers and the new budget, we will be credit card debt free in March 2008. I am a little disappointed that we had to adjust our original goal of becoming debt free by the end of 2007. However, I know that in the long run 3 months will make little difference.

3 comments:

SecretlyEloped said...

Holy crap! You paid off ~$20 K in ONE year?!?! That is awsome!!! Pat yourself on tha back b/c that is not an easy thing to accomplish. Keep up the good work and keep on top of it. GL!

JvW said...

Thanks Allie! You made my morning!

nichole said...

i agree! totally cool and way to go!!
oh, by the way, I'm Nichole..total lurker of your blog & LOVE it! thanks for all the helpful info & posts! :)