Sunday, October 18, 2009

Over the halfway point!

$1,028.48 starting balance
- $25.00 minimum payment
- $300.00 snowball payment

= $703.48 current balance (65% paid!!)

It feels good to make some real progress this week. We owe less than a thousand dollars!

I hate that the bank will only allow me to make payments every three days. I probably need to start making one payment a week instead of sending multiple smaller payments. The $300.00 payment hits our account on Monday because I had to schedule it in the future due to having just made the minimum payment. It doesn't seem fair that the bank can charge interest on my daily balance but I can only send payments every three days. That's just a bit lopsided in their favor.

For this upcoming week, I should be receiving a paycheck for my contract work shortly. As far as I know, that will be the only payment for the week. The only other possibility is the mail in rebate for our tire purchases but I don't expect that check in the immediate future. The fine print stated that rebates can take up to six weeks and I mailed in the paperwork a week ago.

We are in route to having this credit card paid off by the end of November, which was our goal. I am very excited and can't wait to see one less bill each month.

7 comments:

Ann@His Grace To Me said...

Hurrah!!!! (Huge round of applause) Keep up the good work!!

Cassandra said...

Thanks for the encouragement!

Alilia said...

Awesome! So good to be under a thousand. Very exciting. Congrats!

Lynsye Louise said...

that's really motivating! I paid one off last month and have one that will be done in November, too, if all goes according to plan. I won't be buying presents this Christmas, but I think my parents will understand. One benefit to being single is having only one family to buy for, and being that they're my parents, they don't care. :)

Cassandra said...

Lynsye, Congrats on paying off a credit card last month! I hope you can meet your goal of November for your other card. :) I think your parents will totally understand not buying Christmas presents. ;)

Cassandra said...

Thanks Alilia! We can't wait to be done with this card next month!

Ruth MacC said...

Well done, and it is encouraging.