In May I reported that we had $769.82 left on the Discover credit card.
In June I reported that we had received a tax refund this year – remember when I told you how Estimated Payments Made in January Count Toward Previous Year? In that post I mentioned that Mr. A suggested that I apply that $664 additional estimated payment toward one of our credit cards, and the more I thought about it, the more I realized it was a great idea. So… drumroll please…. the Discover card was paid on full on June 8th!!
I received the last statement a couple of days ago and we still owe just a little over $10 for the last of the finance charges.
We had the rest of the money from our refund just sitting in our checking account, and a few days ago I told Mr. A that I was worried that we were going to nickel and dime that money away. I know it’s easy to do when you have a pile of money and it’s not earmarked for any certain thing. I had actually hoped to earmark some of that money for a new washing machine…
Mr. A’s response to my concern was (as he ignored my comment about a new washing machine), “Well, Dave Ramsey says to pay off the next smallest credit card.”
Although I personally am not a big follower of Mr. Ramsey, that sounded like a good idea. I opened Quicken and the next smallest credit card was the Citicards account. The balance at that moment was $1304.32. I told Mr. A the amount.
He said, “Be a man, pay that credit card!” 😉
I logged into Citicards, took a deep breath and paid the credit card in full.
And I just realized I haven’t done any credit card updates since the February through April Credit Card report post.
So that means there is one more credit card that we paid off: Mr. A’s credit card had a balance of $91.41 in April, and that was paid off in full in May.
With my last reports in April, we owed $20,731.85.
As of July 4th, we now owe $17,289.15.
That’s fantastic! I’ll tell you more soon about why I want a new washing machine.