I've been actively tracking progress on our credit card debt for over two years, since February 2007. At that time, we had $41,755 in personal credit card debt, plus an additional $4738 in business debt (that business has since "failed", and we have assumed that debt).
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.
