February

Each month I am going to list the previous month's balances and the new balances of all credit cards and bank loans. These will be super fun and motivational posts to see how much progress we are actually making. The debt will be listed in the order we plan to tackle them.



Debt------------ January -----------February----------- Payment ------------Paid down
-------------------------------------------------------------------------------------------------


Kohls--------------- $920--------------- $0 (whoo hoo) --------$930----------------- - $920

Citi bank------------ $22085.04---------- $16076.76----------- $335----------------- - $6008.28

Discover #1--------- $5180.09----------- $5076.09------------- $104----------------- - $104

Discover #2--------- $0------------------ $5985---------------- $0------------------- + $5985

Chase #1----------- $6586.99------------ $6480.06------------- $195----------------- - $106.93

Chase #2----------- $12418.46----------- $12290.30------------ $249----------------- - $128.16

Van loan------------ $6723.86------------ $6583.02------------- $167----------------- - $140.84

Mobile loan---------- $17774.02----------- $17490.82----------- $369----------------- - $283.20

State bank loan----- $26047.05------------ $25610.35----------- $607.97-------------- - $436.70

Total debt---------- $113,282-------------- $111,162


When I did the transfer from Citi bank to Discover #2, there was a $275 balance transfer fee. We will pay zero interest on that card until it's paid off (provided we pay it off by Feb. 2011) so we will save a ton more than we had to pay.

Last month we paid $2,966.97.

We paid down our debt $2119.83.

That's a difference of $846.84.

The balance transfer amount was $275.

That means we paid $571.84 IN INTEREST ALONE!!!!

We could do a lot of things with $571.84 each month. Someday soon we will be able to. : )

The Citi card is the next one to tackle. The Citi card has 0% interest until April 1st, so instead of paying extra each month, I have been putting our extra into a savings account to see just how much we can save until then. I have $1400 extra put away to pay on the Citi card.

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