Debt Reduction Progress

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We paid off a credit card!!!!!!

The month of March was full of uncertainty.  My husband had just found out that he would be unemployed as of April 1st if he didn’t find a job by then.  So, we were hesitant to take our tax return and apply it to our debt reduction efforts.  We kept the $8000 in a savings account until he was hired by one of the premier marketing companies in Milwaukee.

Once he started his new job, we felt it was a good time to pay off one of the credit cards.  So, we’re excited to announce that we’ve paid off about $5000 more of our debt!!  Plus, we now have an emergency fund of $1500 and another $1500 set aside to do some landscaping this spring.  And, last but not least, our income has increased!!!!  So, we are now planning on applying at least $700 a month toward what is left of our credit card debt.  We should be “debt free” (not including our mortgage) by the end of the year!!!

We have two cards left to pay off.  One is still at a 0% APR until the end of August, so we will pay that one off first.  And, the other one is a fixed 1.99% for the life of the balance.  I will have mixed feelings about paying that 1.99%APR credit card off.  Once we pay off that balance, there will no longer be a 1.99%APR.  That credit card offer was a Godsend!  It came at the perfect time too.  I remember when we were considering buying a house and we couldn’t afford it because of our car payment.  Then, we got a balance transfer offer in the mail from our bank credit card.  The balance on our bank credit card was $0 at the time, so I could tell that they were trying to hold on to us as a customer/consumer.  They offered us 1.99%APR for the life of the balance with a transfer fee of 3%, which would end up making our transferred balance nearly $12,000!  Although our balance increased by about $300, the APR decreased along with our monthly minimum payment.  Our monthly payment decreased so much, actually, that we were able to qualify for a mortgage.  About a month later, my sister called to say that the house next door to her would be up for sale soon.  It was all perfect timing, so we made an offer on the house before it even went on the market.  The seller was eager to close and we got the house at a steal of a price.  So, even when the housing market crashed, we still came out of it with equity.

Through all of our financial ups and downs, I can see the Lord’s grace and guidance that has lead us to this point.  Praise the Lord!  Living debt free is just around the corner!

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The Duggars: How they live debt-free

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I just love the Duggars. We’re a lot like Michelle and Jim Bob.  We plan on having lots of children too. Not as many as they have, but we’ll probably have around 8 or 9.  Of course, only the Lord knows.

The Duggars live debt free! And, that’s with 19 kids! You can read all about how they live debt free in the article on MSNBC Today Money.

The Duggars: How they live debt-free

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Debt Elimination Progress

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We’re making progress! I really can’t believe we’re making any progress in the month of December. Normally, we go a little overboard around the holidays and get in the spending mood.  But, since we’ve chosen to opt out of all holiday party gift games and exchanges, we only have our children to think about.  We’ve spent $30 on each of our older children and about $10 on our younger ones who don’t really know what’s going on quite yet.

So, with all of the cutting back, we’ve been able to make an accumulative payment of $300 toward our credit card debt.  Plus, we’ve paid off the midwife!  So, next month we should have an additional $250 to poor into our high credit card balances.  And, once we file our taxes, we should be able to pay off a big chunk.  If we keep sticking to our budget, we may be able to pay off all credit card debt much sooner than expected.

Now let’s just pray that Jesse gets a huge raise in February!

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