Tuesday, October 27, 2009


DH and I are OFFICIALLY OUT of credit card debt! I wanted to post it first on my blog, then on the WIRR. We started 'tracking' and 'paying' down debt almost 2 years ago, a few months into our marriage. Once I started with the WIRR, we have been very frugal and cut down our debt significantly, but we still enjoy going out to AC and hanging out with our friends. We just choose to do it on the cheap, and not spend $9 on a bottle of beer like most friends!

So this past weekend, with DH's 'overage' in his paycheck based on our budget, we paid off our last credit card! It felt so great to type in the amount and 'confirm' the payment. Normally, that credit card takes a few days to post to the account online, but I checked yesterday, and there it was....a BIG FAT GOOSE EGG!

In December of 2007, I started the WIRR with over $45k in debt (credit cards, DH's truck, my student loans, etc) and right now, we are at just over 14k, which is all my student loans. All our consumer debt is paid off! Our credit card debt we started with in Dec of 07 was about 14k. However, right after we got married in July 2007, we paid off a TON of credit cards (Home Depot, Best Buy, etc), so we had more CC debt right before I started my race.

I'm so happy and I feel like a HUGE weight has been taken off our shoulders. The only 'debt' we have right now is my student loans, which is next on my snowball list, and then our condo. We are very careful about where each dollar goes and we're putting money away each week and it feels great to be so proactive with our money.

I will be cutting up just about all of our credit cards. I do have some things on there, like magazine subscriptions, which I will either cancel or have them direct bill me. We are also opening a credit card account at our community bank and not giving money to the morons at Capital One, etc. We will only use that bank CC for online purchases, booking hotels, EZPass, etc, but will be paid off each month, so no balance will be on there.

How is everyone's race going?


Sarah said...

Yay!! I am so excited for you :) That is SUCH a big milestone!!

DH and I finally got everything combined & we are starting to work down. $55k to go, $25k is CCs (OUCH!). Hopefully in 2 years I will be able to give the same report.

Great job!!

spaghetti0625 said...

what's funny is that it was mostly my stuff. We did put our wedding bands on the CC b/c my parents bought them in Aruba when they went before our wedding. The I Balance Transferred everything, so when the BT was up there, DH kept asking 'What is ON there?" Most of it was old CC stuff, but I'd be like 'Stuff for the house and our wedding bands' hahahaha.

So now that we are CC free, he's like 'Now what do we do?" and I'm like 'my student loan debt' he's like geesh, we're paying off YOUR debt' hahahaha!

Kristen said...

Congrats girl, that is sooo awesome!! Can't wait until we're there! $5,600 more in "toxic debt" left!

annathy03 said...

CONGRATULATIONS!!! What a huge, huge accomplishment Spaghetti! Totally know where you're at- when I paid off my car earlier this year it was like cloud 9.

Congrats again!

frugalsuz said...

That's awesome! Great job! I felt the same way when I paid off mine, such a relief and a weight off your shoulders.

Oot-N-Aboot said...

Yay Spaghetti! That is wonderful! Congrats on the HUGE milestone!


Amiyrah said...

Congrats! That is wonderful news and i'm so proud of you two!

Now it's time for babies...no? ;o)

spaghetti0625 said...

Thanks everyone!

Amiyrah: Babies are a coming, just not yet. I would like to wait until the student loans are paid off, and now I have to get a vaccine, one now, one in another month, and they said to wait a month or two after to have one, that way it's all out of my system, etc. But we'll see. I still have to get DH on board :)

Precious said...

CONGRATULATIONS! You will never know such freedom!