My Consumer Debt Number

$ 8303.48

I recently posted 3 Tips to Successfully become Debt Free and this month in August I am actually starting!

I wish being debt free was “just ahead.”  Unfortunately, the road to financial freedom is a long, but accomplishable road.  Below you’ll see what I owe just in credit card debt alone.  The goal to become financial free did not come about weeks ago when I decided I wanted to retire early.

I have wanted to get out of debt for some time now but found myself in situations that I relied on my credit cards, or new credit accounts to get me out of those situations.  However, I have been actively trying to get out of debt and took the first step by removing ALL but my Target card from my wallet.  I did this back in January 2015.  In January my credit card debt totaled $9850.45.

CONSUMER DEBT
Account
August
September
October
November
December
WF
$2655.41
CC
$1811.83
Amazon
$703.92
HHG
$457.02
PP
$1232.14
BML
$827.70
CP
$579.36
Target*
$32.10

TOTAL                   $8303.48

If I just paid the minimum balance on all my credit cards, I’d still being paying about $327.00 a month which I think is ridiculous!

In six months I’ve only paid off $1546.97 in debt.  I’m not sure if that’s good or bad. Some balances have increased, as a resource, not because of impulsive spending and other’s have declined tremendously. 
 

I’m currently utilizing Dave Ramsey’s Snowball method to pay off debt  and I make double payments a month around my pay dates and apply any extra money towards a payment as well.

I’d like to say that this is all the debt I have.  However, sad to say I also have over $100k in school loans, 2 automobile payments, and a mortgage!  You can read more about my Total Debt Number here. 

To read my three month debt number update, click here.

However, I plan to have it ALL paid in full by the time I retire with money in the bank and I’m sharing that journey with you here!

What strategies or methods are you using to tackle debt? How did you decide which debt to tackle first?

 

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Author: lovetteorleavette@yahoo.com

I'm a mother to five children, wife, full time worker and now blogger! I would like share my family's journey to financial freedom, life living, and eternal happiness...just one goal at a time!

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