This is really hard for me to believe, February will be the two year anniversary of me trying to get out of credit card debt. I’ve come a long ways, had a more than a few set backs but overall I think I’ve done a great job getting out of credit card debt. I still have a ways to go but I know know being debt free is completely possible.
These past two years I’ve essentially been “faking it”, you know that saying, “fake it til you make it”, well that’s what I’ve been doing. I’ve been telling myself I can do this and pay off credit cards but in the back of my head I had a little voice telling me I’d probably fail.
When I first started with $43,600 +++ in credit card bills I was in such a panic. I have to confess, I owned more than $43.600 when I started paying off credit card debt but was too embarrassed to admit it, my credit card debt was really around $45,000. Like the additional $1,400 was just too much to admit too, seems funny now to me. I was having panic attacks, getting calls from creditors because I wasn’t making my payments on time (dumb huh?) and I was still adding to my credit card balances every single month. I’d make my credit card payments on a credit card with $18,000 on it but even after making my payments, I’d end up owing more money thanks to my 31.9% interest rate. Ugh, I still can’t believe I was paying that much interest! Thankfully I ended up getting a transfer offer back in Sept 08, and ended up locking in my transfer rate at 4.99% until the balance is paid in full.
My Two Year Anniversary
“Getting Out of Credit Card Debt Hell”
Challenge For Myself
Like I said my two year anniversary of deciding to become debt free and pay off credit cards is right around the corner and will be here before I know it. As of today I have paid off 33.7% of my credit card debt, that is $14,719 paid!
If I keep paying at the same rate I’m paying off credit card debt now, then on my two year anniversary (3 more payments away), I should owe around $25,000, and will have paid off around $17,500.
My big ass challenge for myself is to try and have a GRAND TOTAL of $23,500 or less owing on the credit cards by Feb 19th. To accomplish this goal I will have to pay off credit cards an additional $1,500 or at least $500 extra a month. I’m not sure if I’m going to make the additional $500 payment each month or if I’ll make additional payments as I get some money.
If I can accomplish this goal of paying down my credit cards $4,500 in just three months then on my two year anniversary I will have paid off around $21,000!
Why not make a “getting out of credit card debt” challenge for yourself? Even if pay just an extra $10 a month on your credit cards, it’ll add up.
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I don’t like to have debt,so I try to use my credit card when I am do sure that i can pay bill…