Three down three to go

Today I scheduled the final payment on the third of my six credit cards. Three more to go. Now we’re moving into the heavy hitters– the guys with the largest balances and, of course, the highest interest rates. As it stands today: I have $4,845.70 in credit card debt (with an average APR of 28.99%- rapists), $9,203.91 in a car loan, and $6,881.86 in student loans which means my total consumer debt right now is $20, 931.47. My Debt Reduction Calculator tells me I’ll pay my last credit card off January 2012 which is a good way to start the new year if you ask me. Just have to keep moving forward.


4 thoughts on “Three down three to go

  1. Congratulations on your progress! It is such a great feeling to send that final payment to a card in. It re-energizes you for the next card/victim as well as knowing that the snowball is getting larger. What are the projected pay-off dates of the remaining cards?

    • Thank you!! It really is a great, great feeling. Next card goes down in February 2011, then August 2011, and finally January 2012. Of course, this is just sticking to the schedule as is and not adding on. I’m really excited though!

      • By the way, I found a great website for visualizing and crunching the numbers for your debt snowball. Go to and click on the Snowballing link on the left. It will allow you to enter all of your debts including the interest rate and min. payment. It then displays a nice table with the payoff schedule. A couple of things:

        1. The snowball calculator always starts next month. So, enter the balances as you would expect them to be in October if you were entering them this month.

        2. Select the “Balance Order” option for the classic debt snowball approach (smallest to highest balance ignoring interest rates).

        Hope this helps, it sure helped me visualize everything. Good luck!

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