Today is such a great day. My partner and I cut up the last of our credit cards. It is such a liberating feeling. I implore everyone to try to do it. No more monthly payment, no more debt (well at least credit card debt). No more interest payments on the debt (FYI I never paid 1 cent in interest).
“Procrastination is like a credit card: it is a lot of fun until you get the bill”
So here is the update for August
Liabilities Prior to August (debts)
- Car Number 1 – $14,636.28
- Credit Card – $4,848.90
- Total – $19,484.90
Liabilities in August (debts)
- Car Number 1 – $12,463.55
- Total – $12,463.55
So as you can see from the previous updates in early August/July, and May, we have drastically reduced our debt. Going from a mammoth amount of$46,645.45 to just $12,463.55. Our final amount of debt is for the car that we share, and although we could work really hard to pay this off right now, it is not worth it. As we would need to pay $12.50 per month that we pay out the loan, and the payments we have already made have covered the interest on the loan. So, for now, we are happy to just let the direct debit work and pay the loan down weekly.
This means that all our extra money we were using to pay off our Credit Card debt will now be going directly to the savings account. For extra motivation, we went on a dream day over the weekend and visited a new homes display village. Dream big!
Signing off for tonight