Our revised debt game plan

[MomToTwoBoys]

So after some painstaking work of installing QuickTax 2008 on our computer and doing the Standard version, we got another $600 this year!

We're looking at a return amount of $3,477.52 which is good in two ways: more than we got last year and we don't owe. Our plans?

1) Pay off Best Buy.

2) Put the rest on VISA.

We owe $1,620.96 on Best Buy, so that leaves us with about $1,819.56 to put onto VISA. The VISA balance, including payment made yesterday, is $5,670. We've been putting $50 more per month on the VISA than what we're being charged for balance protection and retail interest, so we're chipping away at the debt a bit at a time. We'll have roughly $3,800 left on the VISA after the return comes back to us. In total, we'll have $8,300 between two debts and it's staying that way! We're snowballing $53 (from the old Wells Fargo debt) + $78 (from the Best Buy debt) onto the $209 per month we're paying VISA. We'll be able to shave at least $340 off the card each month!

We're also getting a $20 per three months from GST credits, plus another $20 per month for the kids tax credits. The trouble is that come July, we're losing $100 per month because of a tax credit stipulation. We have tons of room in our budget to help with that loss, but I'm still concerned because I've been used to it for so long.

So welcome to our new debt game plan!

[Buckeye5]

Wow, that is great news. It always feels good to pay off the debt. Keep up the good work.