While we haven't added to credit card balance, it's been going down very slowly. It seems like we'll charge $250 (for things like gas or books) and then we'll pay off $500. At our current rate, that last $5,000 is going to be around for a long time! In reality, we're hoping that it'll be gone by the end of the year.
We have been able to save over $5k for a down payment on the new car... but the new car will only add to our total debt. We'll have to budget for additional monthly payments of $400/mo, which will definitely slow down the credit cards.
On the student loans, we've been making the minimum payments on one and have deferred the other. We currently have over $47,000 - I know that's not going to get paid off with only $100/mo being applied towards principal.
We've basically diverted all the extra money in our budget towards miscellaneous items. About 40% is "blow money", 40% is short-term savings (repairs & renovations), and 20% is entertainment (eating out & vacation).
If we really focused and stayed "gazelle intense", we'd be able to knock out the credit card AND other car loan in maybe 6 months time. Instead it'll take a year. The other debts - the future new car loan, student loans, and 2nd mortgage - will end up taking 10+ years (when they could be gone in 5). I know it, I see it in black and white, but I just don't care anymore.
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