The end is finally in sight! This weekend we created a credit card debt snowball repayment plan and discovered that we can pay off all our credit card debt (almost $16,000 currently) by the time we get married! Here’s how we are going to do it, using the snowball method. For the next three months, we’ll pay $500 a month on our highest rate card. After that it will be paid off. For the next six months we’ll put the extra $500 on top of the minimum payment for the next highest rate card, for a total monthly payment of $606. Then that one will be paid off. For the next seven months we’ll pay $677 toward the highest card, followed by six months of paying $766 on the highest card, until we conclude with three months of $800 payments on the last card.
Incredible to think that in two years we can finally be rid of credit card debt! I’m so happy we have a real plan now. The end is in sight! And after we finish paying off credit card debt, we can finally think about new goals, such as aggressively paying off my student loan debt or saving up for a home! I am having a lot of fun imagining what we’ll be able to accomplish with an extra $800 a month.