January Progress Post (5 days late!)

Let’s see how we did in January:

Personal Credit Cards:

Citibank: Was: $1787.71
Now: $1212.73

We paid off $615.00 on this card this month – $165 of that was snowflaking, mostly from selling our product on Ebay. We also charged $40.02 on the card – all but $6.99 were interest charges.  $6.79 of that were for February’s interest charges, so that number has been inflated a tad.

Business Credit Cards:

Suntrust:
Transferred to our Business Citibank for a better interest rate and a much better bank.

Chase: Was: $6236.37
Now: $6138.80 (I paid $125, finance charges of $27.43 )

Citibank: Was: $4927.42
Now: $10,130.14 (This reflects the old Suntrust balance.  I was able to transfer my balance and go from a 14.29% interest rate to a 4.99% interest rate.  I made a payment of $100 to this card, and finance charges were $27.47 – reflecting the old balance.)

Total Credit Card Debt:
Original Debt:                 $18, 954.86
Last Month:                     $18,326.75
Current:                            $17,481.67
Monthly Difference:   $845.08
Total Paid Off:               $1473.19

Accessible Savings Account:
Current: $212.46

(We also have a saving account at our bank in North Carolina that has about $3000 in it.  That’s our current emergency fund – it came from a Certificate of Deposit that finally came due.)

I’m pleased!  This certainly offsets the heartache of the upside-down house loan!  I feel like we’ve been making progress, and it helps that we’ve been able to put extra towards our debt from liquidating our products on Ebay.  We’ve had to pay a lot of the fees and put money in our Stamps.com account for shipping, but we won’t have as many of those costs in the future.  I have another $120 in the process of transferring to our bank account to be put toward the personal Citibank, and another $80 already accumulated in our Paypal!

So all in all, I finally feel like we’re making progress on our credit card debt, if nothing else!  It feels wonderful!

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