Snowballs in Arizona – Paid Off Three Credit Cards!

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 ?  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.

WhoOoOo!

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.

Yours Truly,

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14 thoughts on “Snowballs in Arizona – Paid Off Three Credit Cards!

  1. Wow! Congrats! Has some of the weight begun to lift off your shoulders? So what is next? A savings goal or a debt goal? Your first half 2010 was excellent, so I bet your second half will be even rosier.

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    Mrs. Accountability Reply:

    Hi Melissa, you know, I didn’t realize the full magnitude of how it would feel to not have those three payments until just yesterday when I was paying the other credit card payments. I realized I can remove those three cards altogether from my budget spreadsheet, and only three payments remain. I’ll be taking the amounts allotted toward the cards paid off to make snowball payments toward the ones remaining. This is a good feeling, and inspiring! Thanks for visiting and commenting!

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  2. That’s amazing! Congratulations. I’m sure you feel relieved that it’s two cards down. I can’t wait until I have my line of crummy credit paid off. I’m probably 18-21 months away from that feeling, but plugging along. 😉

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    Mrs. Accountability Reply:

    Little House: *THREE* cards down! The first one was tiny, it was the card we used to build credit for my husband, but it is now paid off, too. I should probably use that card for gasoline purchases so that his credit score keeps rising. Slow and steady is what counts, at least you are making a dent every month! I saw on your blog you had an idea in mind to address that high interest. Interested to see how that works out! Thanks for visiting and commenting!

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  3. That is great! Congratulations from me, too. I remember the feeling of paying off mine sometime last year. Now, I use a high-reward credit card for almost every purchase and enjoy watching them pay me for a change! A good one: US Bank Flex Perks Cash Reward Visa. Or, a friend tells me the Chase Forward card is great. I still use the Discover when they have special reward categories like gas or restaurants. Of course, the trick is to keep track of all purchases as if you’re using a check card and pay it off when the statement arrives. Love it!

    Keep up the good work, Mrs. A!

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  4. Awesome, awesome, awesome :)….. You should buy yourself a small bottle of wine to congratulate yourself :). Think of all the future interest saved too.

    Here’s to the next $17k being paid off :).

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