Debt Repayment…

Over the last six months, I have really been keeping track of my spending and debt repayment. I have several spreadsheets but the ones I track the most are my savings spreadsheet and my debt repayment spreadsheet. I have two credit cards that I am trying to pay off – one Cap 1 Visa $3,217.96 and a retail card $17.90.

For the month of July, I paid Cap 1 Visa $63.84 in interest with a minimum monthly payment of $103. For the month of June, I paid the retail card $4.96 in interest with a minimum monthly payment of $15. Within the last 4 months, I have already paid off two other credit cards and I will payoff the retail card with my next paycheck.

What I did was the Snowball Effect and paid off the balances with the lowest balances first and then applied those payments to the next credit card. On my Cap1 Visa, I have been paying more than the minimum payment for the last 4 months b/c how much Cap1 charges me in interest each month AND I have been paying as soon as the statement is cut. I get an automatic email telling me that the Cap1 Visa statement is ready for review and I just pay the minimum and on my next paycheck, I throw EXTRA money at that debt.

My goal is to have my Cap1 Visa balance down to $2,700 by the end of the year. I have to do both – savings and debt repayment. After I get all of my debt repaid, I can throw all that money into savings.