Two years and three months later, the total credit card debt is down to $33,203. In over two years of this, we've only paid off about $13k! But I guess, to be fair, we've also charged a LOT during that same time frame (as evidenced by several distinct spikes in the chart!).
- The first spike was when we assumed the bad business debt, in January 2008.
- The big spike, in July 2008, was when we spent roughly $7000 for some electronics.
- There are a few smaller spikes, for the purchase of new computers and for a couple of vacations.
During the first seven months of tracking, the total debt didn't really change - despite making monthly minimum payments of nearly $1000/mo! We were paying off only about $200/mo in principal, a rate that would have taken us almost 20 years to pay the credit cards off.
Your absolutely on your way to paying that off way before 20 years, good job!... I'm happy to have found your blog... I'll be dropping by often!
ReplyDeleteWhat a great way to visualize your progress! Is this an Excel chart? Keep up the good work!
ReplyDeleteI use Excel to track our monthly progress, and keep a running tab of the outstanding balance on each card. I actually have a few separate graphs, so it's really easy to see when something changes (like a balance transfer from one card to another).
ReplyDeleteI used Excel to track when we were paying off out CC debt about 10 years ago. It is a wonderful too to help you see that you ARE making progress.
ReplyDeleteI think you are doing very well!