Debt Reduction Update

In Uncategorized on October 9, 2009 at 10:04 am

Well, I decided to tally up my payments to my credit cards since March of this year. Sadly, some of these payments are for expenditures on them in addition to my regular debt reduction payments (i.e. travel tickets and online purchases for my business) so it is not an accurate reflection of my debt repayments.


I was stunned to see how much money went through my hands and into their pockets. Ready for the total?

Since March 2009, I have paid $12,065 to credit card companies.

Yep, you read that right.

Now, in light of another blogger’s recent post over at Small Steps for Big Change, I asked myself the question: what would I do with an extra $12,065?

Well, I would have capped off my RRSP contributions for the year, and also made a big dent in my car loan repayment. I also would have stocked up my emergency fund and saved a lot in interest.

On a happy note, I guess, is the fact that I’ve updated the amount repaid to my debt on the side bar.

I have paid off $6,448.83 to put my new credit card debt amount to $23,583.64. That includes paying off one card in total.

  1. If only we didn’t have this debt and we COULD have used that money. Alas… now we just have to work hard so that money will be ours in the future!

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