Beginning the year, we had $32,456 in credit card debt.
In January:
we paid $1,204 total on our cards*
$258 were charged to us via finance charges
for a total of $945 debt paydown.
and now our credit card debt total is $31,511.
* $450 of this total was redeeming our cc points for cash back and just having them put it as a credit on the card.
Just a note, this total amount paid is a lowish number. We are refinancing our ARM in February, and we saved $1500 in January to go toward refi closing costs (which we’re also doing again in February, for $3k to take to closing).
It does make me excited to think that we managed to sock away $1500, AND throw $754 (not counting the “free” $450 from the points) at debt last month. That’s $2254 total! After we get our savings established, as well as a buffer, (and some tires for my husband’s car, which are sucking the life out of our budget) we can probably throw a good chunk at this each month.
I am apprehensive that we miscalculated on our withholding last year and will get hit with a tax bill come April. At the very least, if we DO have a bill to pay in april, it’s good to know that we can handle it and it won’t become more debt. What it means for out debt repayment plan, I guess we’ll have to see.
And lastly — is anyone out there reading this? Just wondering…