In Uncategorized on October 10, 2009 at 8:00 am

My dates of debt repayment according to my current plan are as follows:

May 2010 – Credit Card #1
Feb 2011 – Credit Card #2
Jan 2013 – Credit Card #3 (LOC)

DEBT FREE DAY (D-DAY): January 2013

If I increase the amount I repay per month by $40, I can move the dates forward like so:

May 2010 – Credit Card #1
Jan 2011 – Credit Card #2
Oct 2012 – Credit Card #3 (LOC)

DEBT FREE DAY: October 2012

My hopes are that my salary will be going up in four months allowing me to increase my monthly debt reduction payment by $340 in total. This would get me out of debt by:

Feb 2010 – Credit Card #1
Aug 2010 – Credit Card #2
Nov 2011 – Credit Card #3 (LOC)

DEBT FREE DAY: November 2011

I’ve decided that I definitely need to move my debt free day up to November 2011, especially if we would like to start our family next year.

Now, keep in mind this payment plan does not include any snowflakes or additional payments I make. Every month I make additional payments on my debt from any income I bring in from my side-hustle (part-time small business). These make a significant impact on my debt reduction and every month I play with the plan (you can use the same spreadsheet as me, found here) adjusting the dates, interest rates, and balances. It is motivating to see the numbers change, the balances go down and the interest rates go down as I re-negotiate my credit card accounts and transfer balances as needed.

  1. That is awesome that you calculated when you will be out of debt based on certain plans. Consider sharing the date you choose to go with on our website.

  2. […] you recall, I posted about my D-Day back in October 2009. Back then, I was hoping I would be getting this raise, and with those hopes […]

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