I just had to yell out a big HORRAY when I saw your post. I am so happy for you and I know that you must feel like you've really accomplished something big. Getting rid of credit card debt is a big big thing. Congratulations!
Thank you all! It is a great feeling to no longer have CC debt hanging over our heads. Now to just keep it that way.
The next goal is to build the EF back up to at least $1,000. My accident pretty well wiped that out with our $500 deductible. I'm snowballing the CC payments into the car payment so that's the next debt marked for elimination.
Is the car payment your next highest interest rate and will you be able to take all of your other payments and add to that one as well? That's what we did. By the way, there's a new 2007 edition of Dave Ramsey's Total Makeover book. I'm next in line for itat the library. I was told there were 200 people behind me waiting for the book. I'm sure he will update it to where we are today. Check it out when it comes in. I should be getting it any day.
Actually, the smaller mortgage is the next highest interest rate, but since the car depreciates so quickly and the mortgage interest is tax-deductible, I decided to pay the car off first.
We will be adding the amount we've been paying on the CC to the car payment.
I didn't realize that Dave had a newer edition of TMM out! I'll have to check that out. Dave was my introduction to the snowball concept and my inspiration to get out of debt sooner rather than later. Thanks for the tip!
With five teenagers you *still* wiped out your debt??? I bow to you! Seriously: congratulations on this achievement. What a relief to you -- and what an inspiration to others who are striving for the same goal.
I imagine paying off debt like this and knowing that now you have "spare" money every month makes a person feel very good. Maybe even a little, mmm, powerful. That's what "in control" is, right? Congratulations!
Oh wow - well done - you are well on your way to Total Debt Freedom. It amazes me how many people are making the long challenging journey and how many people Dave has influenced.
Keep going strong
I'm anxiously awaiting the new 2007 edition. I've been told that he offers alot of tips even about retirement and savings and how to make it grow faster. I think his program is so popular because you see progress faster because you are paying off smaller debts first which are normally around $200. and less and easier to tackle. It gives you already a sense of accomplishment.