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First Post

July 28th, 2011 at 02:33 pm

Hello, World! I'm not new to couponing, being frugal or blogging but I do want to crack down on getting out of debt which is why I started this blog. I have a substantial amount of debt: mostly student loans but also credit card debt. I feel like I'm doing okay on getting out of debt but I do tend to overspend sometimes. I know exactly how much debt I owe but I think that having a place to talk about it will keep me accountable to myself.

I always make my minimum payments (and more if I can) on time. I have decent credit but I really want to pay off my credit cards to get my student loans under control.

Capital One: 855.02
Chase 1: 1364.95
Discover: 2467.67
Chase 2: 3237.98
US Bank: 4455.60
Bank of America: 3021.02
Citicard: 9671.84

Total: 25074.08

Minimum combined monthly payments: 785.00

My goal is going to be to pay $1000 a month.

I'm kicking off this whole thing by making $5000 worth of payments to my accounts. I squirreled away some money when I got my last tax return and bonus. I have enough of a savings now to be able to put some money into my debt repayment. I also should mention, I used one of these credit cards solely for a work trip, I'm paying it off now but was reimbursed from my company so it doesn't really count as debt reduction.

8 Responses to “First Post”

  1. HousingCounselor Says:

    Welcome!! It looks like you have quite a bit of debt to pay off. You're in the right place. I look forward to you blogging your progress.

  2. Petunia 100 Says:

    Welcome! Best of luck to you with your goals. Smile

  3. LuckyRobin Says:

    Welcome and good luck.

  4. creditcardfree Says:

    Welcome to SA!

  5. Joan.of.the.Arch Says:

    Hi, it sounds like you are off to a rolling good start.

  6. ThriftoRama Says:

    $5,000 sounds like enough to completely wipe out at least two of those cards.

  7. Lindahfx Says:


    That's great that you have $5k to pay towards your debt. What is your plan of attack? Are you focusing on those cc's with the highest interest rate? Or trying to pay off the maximum number at once?

  8. scrappytappy Says:

    Thanks for the comments! I'm so excited to get started. I decided to pay off the smallest cards (two of which have the highest interest rates). I've been able to do balance transfers on a couple of cards in the past so I'm hoping to do something similar again!

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