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  • Like a bad penny, debt always turns up…

    unless we change how we interact with money, of course!

    The Bad Penny is dedicated to two pursuits: getting out of debt and staying out of debt! It recognizes that frugality and caring for our planet go hand in hand, and that our unsatiated need for stuff is hurting us in so many ways.

    Easier said than done!

    Disclaimer

    I am not a finance professional. I write about the world as I know it, and my advice may not be the best course of action for you! Please seek qualified advice for your particular situation.

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Victory! CitiBank Personal Credit Card Paid Off!

Woohoo!  This is our first real debt removal victory.  Yesterday I put the final $114 towards this credit card with my husband watching.  It feels good!

Our December bill listed our balance at $2261.81.  We’ve been putting everything we can towards this debt.  I am simply amazed that in 4 months worth of payments, we eliminated over two thousand dollars! It really makes me think we can continue to do this.

So what we have left as far as credit cards is around $10,500 on the other Citibank and $6000 on the Chase card.  I’m unsure which one to work on next.  The Citibank has far more and a higher interest rate.  Plus our shipping costs for our ebay liquidation are still being charged on this card, so I want to make sure we don’t get too close to the limit (we have about $2000 left on our limit.)  But the Chase card would be eliminated much faster, and I think our low interest rate expires in November.

It feels wonderful to have one fewer bill each month.  With recession looming in the future, I don’t want any debt hanging over my head – it’s just one more thing that could really ruin a person!

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