Tuesday, 15 July 2008

Big Wins - Third Credit Card Bites The Dust!

I’m proud to be able to say I paid off my third credit card since starting my debt diet today!

Only more 4 to go from here, and only 1 more to meet one of my 2008 goals of paying off 4 of my 7 cards by December 31, 2008.

Credit Card 6 - $0. Paid in Full 15/07/2008

I decided to use my extra pay from my pay rise to get rid of it, so the UK Fund won’t get a boost until next month now, and I’m OK with that.

I now have a $600 payment to snowball onto my next focus debt, Credit Card 3 which is now my smallest debt, but still quite substantial at $5,597.

I've crunched my numbers, and with some small tweaks I’m confident I’ll be able to get it paid off before the end of the year. I wasn't that sure even two weeks ago, but I've found a way.

Onwards and downwards!

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20 comments:

  1. Anonymous15/7/08 11:17

    WOOHOO!!!!!!!! what a fabulous feeling, hey?! awesome work : ) I'm cheering for you!!

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  2. Excellent, way to go! Inspires me so much to just keep on going. Well done :)

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  3. ChickyFinance15/7/08 15:14

    Congrats! Must be feeling good!

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  4. Congratulations. Keep it up!

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  5. Congratulations! It feels good doesn't it, I just paid off one of mine too :)

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  6. Thanks everyone! It does feel good to have one less thing to worry about every month.

    It's quite surprising what a weight it is off my shoulders, can't wait to see what paying off one of the big cards will feel like now!

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  7. Congrats! I can't wait to get my first few little credit cards paid off and out of the way! :)

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  8. Great job!! That must feel great - and so close to your goal too!

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  9. Fantastic job! You are making great progress on your debt repayments. I can't wait to read about your next goal.

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  10. Our debt has gotten way out of control...then I became ill and was forced to stop working. Talk about a wake up call. So we are doing what you're doing (I just didn't know what to call it!) and have gone on a debt diet. We've gotten rid of the expensive, gas guzzling cars, have one car that's paid for and another that has a low payment and will be paid off in 21 months (if we don't pay extra each month which we're trying to do) and now we're trying to tackle the credit cards.

    I love seeing your progress. It gives me hope. *thumbs up*

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  11. You should be so proud of yourself!!

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  12. I just want to add to the encouragement here.

    We started out our marriage 21 years ago with both of us in serious debt. My husband enrolled in college right after that and our situation got worse. I gave birth to our oldest 4 months after my husband graduated and we dug our hole deeper.

    I'm happy to say that we are not only debt free, we are about to pay off our mortgage as well.

    It's all about how bad you want it.

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  13. Congratulations--that's a huge accomplishment! It's so much more difficult to dig your way out than it was to fall in. I hope you take some time to celebrate--milestones like this one deserve to be celebrated!

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  14. Congratulations! It's always great to run across someone winning the debt game.

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  15. Congrats on the paying off a credit card! It will be quite a while before I get that far. My lowest balance is around $5000 right now. I'm happy for you.

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  16. That's excellent news! $600 toward the next debt is a lot. I bet it just gets easier and easier.

    Keep up the great work!

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  17. I commend your efforts and reducing your credit card debt. It's not an easy thing to do, but you're on the right track for sure.

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  18. Great job Debt Dieter. Hopefully you are well on your way to Financial Freedom.

    :)

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  19. Awesome job! That is great :o)

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  20. **three cheers*** You are an inspiration and making great progress. I recently celebrated paying off my credit card. My next mission is paying the mortgage off - I estimate about 8 years. For six years now I've been paying biweekly, and on top of that adding extra each month (unless an emergency comes up, like needing a new tire or something). It was a 30 year mortgage that I think I can pay off in 15 *fingers crossed*. Now with out the credit card payment I can pay even more extra on the mortgage. I figure no sense spending the extra money I used for the credit card bill, I want to use it to continue moving forward on reducing debt. Though I might just boost the amount I put in savings a tiny bit too.

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