Small Miracles or How My Debt is Disappearing

[daughter of pearl]

Sometimes I am really stubborn, and it isn't until I see hard facts that I truly believe that something is really working. Below are hard facts:

I started snowballing in February. I took the highest interest cc first, because it is the one I despise the most, have most remorse over, and the one that keeps me up at night.

To date, I have paid $2,159 off the original balance...still a long way to go.

Here is the number that got me thinking though:

In February, my minimum payment was $386. It has dropped to $315.00. I make a monthly payment of $650.

That means, in essence, that I am now able to add $72.00 to the "above minimum" portion of the payment I make every month. So my monthly payment will pack more of a punch.

And I enjoy punching this credit card...I'd like to knock it out, and I don't mean technical!!

[Ceashels]

WTG!!! What a great feeling to see small steps begin to equal the distance of a leap forward.

[Maine Girl]

It always feels good when you can pay more than just the min.

[dcompton]

Congratulations! And good job noticing the dropping interest - that's something that's rarely mentioned, but it definitely gives a boost to the snowball.

[Mom23boys]

You are doing great! Just keep moving forward and that debt will be knocked out before you know it.

[Preston]

Good work and keep going. The feeling you will get when you knock this thing out is going to be one of the greatest feelings you will ever feel in your life.

The day I paid off my last credit card.. I cried. It was a really intense moment.

Three years ago I was considering bankruptcy.

[mauimagic]

Mahalo for sharing !! Visually - it really makes a difference to be able to see the difference your hard work makes!! Looking forward to hearing more from you!!

[homemaker66]

Keep up the great job!

[Russ]

Awesome! Seeing it on paper, how does it make you feel?

[daughter of pearl]

I think seeing the difference in the minimum payment was the biggest thing for me because one of the ways I have kept myself stuck in debt is through the "Why bother? The interest is so high I can never get past that to even begin to get ahead on the principal."

Seeing that minimum payment decrease tells me that I am starting to make a dent in the accummulated interest. I guess that's the "picking up speed and size" part of the snowball metaphor, cos for every piece of the total that is paid off, less interest accummulates.

Made me feel very hopeful!

[frugalwarrior2]

Great job. I like to tally my total debt now too. Keeps it going down,down,down.

[Michelle68]

Keep up the good work! Sometimes it's hard to see the progress being made, but all the dedication and determination are definitely worth it.

[Mom2-3]

Great job!!! This is one of the few times a small $ amount is nice!!

[mek42]

Thank you for sharing your excellent success!

[krbshappy71]

great job!!