First, I will, at the end of This Very Month, be celebrating the annihilation of $40,000+ debt. Okay, don't get too excited (unless you're like me and see this as Very Big News), because what I mean by that is my debt will be less than 40K. Not too shabby at all!! I have already celebrated my student credit line dipping below $8000 (woo!!) and after the debt has been paid for this month my overall debt will be below 40K.
Here is the calculation as of today (via that lovely calculator):
If you pay $879.00 a month, it will take you 4 years and 2 months to pay off your credit cards.
Based on your current combined balance of $40,201.61, you will pay a total of $3,510.58 in interest.
I really can't say "Less than 40K!!" often enough. Considering this whole process (last year) started with more than 50K, I'm absolutely tickled! And prepping my super budget dance.
Progress, progress, progress. Tomorrow may even feature a bit of costume sewing. Getting things done. Doing stuff. Making it so.
Squirrel and Nest offers one-on-one and small group financial counseling services that aim to give individuals the knowledge and independence they need to get their financial lives in great shape.