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4 Month Check-in: Debt Payoff Update

April 22nd, 2017 at 05:31 am

Where does the time go? A month has flew by yet again but the good news is we are still chipping away at the mountain of debt.

We decided to take advantage of a great 0% balance transfer offer from one of our cards that had a $0 balance on it. CC#2 & CC#6 are now transferred to CC#9. The promotional rate is good until February 2018 which I plan to have this card paid off by then.

We've managed to pay off CC#5 in April and I had some business expense reimbursements from earlier in the month that I paid off on CC#3.

We started this journey exactly 4 months ago to the date (12/21/16), with 40,714.15 in debt and now we are at $31,006. That's almost 10K paid off in 4 months, whoa! To be fair our annual household income is in the six figures but we have cut down our expenses over the last 18 months and learned to live on less which has helped accelerate the debt pay down. It's not only about changing your habits, but also changing your mindset. Once you change your mindset about finances, the rest is a walk in the park.

DS has been working since December part-time and through what we've learned we have been teaching him about budgeting and managing his money. He has saved 90% of his paychecks and is 66% of the way towards his goal for a car. I could not be more proud.

5 Responses to “4 Month Check-in: Debt Payoff Update”

  1. snafu Says:

    Great work getting the debt down to $ 30,006. Big step forward. Are you still using YNAB? Please pass along my congratulations to DS who is working PT and saving 90% of his income with a specific goal.

    Terrific to move CC #2 @ 20...2% interest & #6 @ 15.5% to 0% interest offer on CC #9. Was there a transfer charge? Getting $ 7,371. cleared will be Win to celebrate about $ 820.

  2. MonkeyMama Says:

    What a great update!

    "It's not only about changing your habits, but also changing your mindset. Once you change your mindset about finances, the rest is a walk in the park." So true.

  3. greenleaf Says:

    Great job- going from 20% to 0% interest is HUGE and will really accelerate your payoff!

  4. viewsfoggy Says:

    @Snafu Yes, there was a transfer charge (already included in the amount listed for CC#9), but after doing the math even with the charge, we still come out ahead which is why we decided to go for it. We are using YNAB, I've noticed through using YNAB we are spending less without really trying to spend less. YNAB has been a game changer for us and we are getting so much value from it.

    @MonkeyMama, @Greenleaf Thank you, the support on here has been overwhelmingly positive and the updates continue to keep me accountable. I was a lurker on here for almost two years and this site has helped transform my view on money.

  5. rob62521 Says:

    Keep up the good work of getting the debt down! We're pulling for you!

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