People often comment saying that they can’t believe how fast I’m paying off my debt. Sometimes I can say, “I can’t believe it either!” But, more often I think, “Are you kidding me? I’ve been at this forever.”
After eight months of really hard work, I have paid off my second card and more than $10,000 total. Yay! That’s a lot of freaking money and certainly more than I’ve ever had at one time. $10,000 is the total amount I earned many years while working part time and going to school. To think that that isn’t just the amount I earned in 8 months, but the amount I had left over to put toward my debt after paying all the bills to support myself, well, that’s crazy.
I wouldn’t be honest if I said I’m not a little frustrated. As the person running the numbers every week, I feel like I should be further along. But, that’s because something gets lost in the way I report my progress. I started this journey with three maxed out credit cards. While I’ve always focused on paying off one at a time, I’ve still had to keep up with the minimum payments on the others. The minimum payment on the first card I paid off, the BoA Visa, was about $80. The WF Visa was about $200. And, the Capital One Visa was $250.
So, the most exciting thing to me about reaching this point, about paying off the WF Visa, is that now I only have one place to focus all of my money and attention: the Capital One Visa with its $10,000 balance.
I have no idea why Capital One ever gave me a credit limit of $10,000. I remember when I first got the card in the mail more than four years ago, I thought that they must have made a mistake. Obviously, they did. Or, maybe they didn’t considering all of the interest I’ve paid them and the fact that I will not be defaulting.
You know in Harry Potter where when you do that thing, the name of which I cannot remember, and all of the people you killed with your wand start coming out of it in the reverse order that you killed them? Well, I feel that way about the Capital One Visa. This card more than the other ones represents a lot of really stupid decisions. Things I should never have purchased: a MacBook Pro, an iPhone, trips to Ulta. Paying down its balance is like erasing those mistakes from my life. And it’s a relief.
So, here I begin the home stretch. I’m aiming to pay off the last $10,000 in the next sixth months. Watch out Capital One Visa, because I’m coming for you.
{ 11 comments }
Priori Incantatem.
I am seriously paranoid about credit cards which is why I’ve only ever used mine for 2 big purchases; my Mac and a TV which has now been paid off. Then again, I also save money like a foraging ant at the onset of fall so maybe’s it not that surprising.
He-With-The-Tight-Wallet
That’s great – congratulations! Your future-self and husband will appreciate what you’re doing now and thank you!
I’m jealous — we’ve been trying to make more payments on ours but other situations keep coming up, like still paying court for the accident I was in, etc. It sucks…I can’t wait until all that is over so we can focus on paying our credit cards off.
You’re an inspiration!
wow…just think of when you are out of debt and you can save that much every year and earn interest. the possibilities are so exciting for you. awesome job!
Congrats on knocking out another credit card! Just the big one remains, and if you can do it in six months, holy crap woman…. Ha.
congratulations! it really is quite a short period to have accomplished so much! you should be really, really proud of yourself! i admit that my own debt struggle has been put on the back-burner lately, but hearing about how far you’ve come has definitely inspired me to jump back into it and bring that debt down!
You are doing AWESOME! WOW! You can teach me a few lessons because I need to get more serious about paying off my debt.
One more to go!
Congrats! You really inspire me to start working on my own debt troubles. Hopefully now that I’m full time, I can really get a handle on it!
So impressed. A round of applause for you!
I refuse to sign up for any of the gajillion credit card offers I get sent on a daily basis. (My to-be-shredded box runneth over. ) My card with a $5,000 limit is more than enough trouble.
Congrats on doing such an awesome job paying down your debt! You’re a shining example for all of us.
I love your reference to Harry Potter, maybe because I’ve just watched the Deathly Hallows trailer. But congratulations on paying off so much of your debt! That’s a major accomplishment.
I’m not horribly in debt, but I do have a small debt that I am paying off. I have two cards. Why I even got a second one is beyond me. But I’ve been making the minimum payments and then payments on top of that each month. I also add to a savings account each month, for emergencies and whatever else might arise. I love to read your debt blog because it gives me courage and hope that one day I will pay these cards off. I’ve made some bad financial decisions, ones that I should have known better than to make. But I did it anyways. It is a hard lesson to learn, but I’m making the effort to change and slowly repair the damage.
Best of luck in paying off your LAST card!
Wow! I’m only about $3000-$4000 in debt (with a student loan and a credit card), so seeing that you’ve paid $10,000 toward your debt is an inspiration! I really need to pay off my debt before I have to take out more loans for college. Luckily, I’m able to pay for college out of my pocket right now (it’s only about $1300/semester), but once I go to a university, that will all change!
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