Tuesday, November 3, 2009

Done! Complete! Finished!

I interrupt this normally scheduled Nano time to bring the following important announcement:

We have paid off our lowest balance credit card!!!

I sent the final payment this morning.

We have paid $1,589.25 since August 30th. Our goal was to pay off this card before November 30th and we are 4 weeks early. Wahoo!!!!

If we had paid only the minimums, it would have taken 60 months to pay off this card. Under our current interest rate, we would have paid $403 in interest over the next 60 months. The $403 doesn't even include the hike in interest that our credit card recently informed us about. Instead, we paid $21.23, for a savings of $381.77.

Hubby and I both need to visit the dentist ($95 each just for an exam and x-rays!) and we're also planning on diverting some of our snowball into savings. We are very gun shy about employment as we've suffered several layoffs in the past 18 months and would like to build up a bigger emergency fund. So we'll be taking a few days to discuss our next financial goal and then I'll post about what's next.

6 comments:

Ann@His Grace To Me said...

Praise the Lord! How wonderful that you were not only able to pay it off, but ahead of schedule. Wonderful news!

Cassandra said...

Thanks, Ann! Praise the Lord indeed! He has been so good to us this past year. I can't believe we've still been able to make financial progress this year when both of us were out of work for six months.

Lynsye Louise said...

You could save $190 by finding a new dentist who does free initial exams and x-rays for new customers. I used to get coupons ALL the time for dentists, but I never saved any of them because I just waited till I visited my parents and went to my lifelong dentist. keep your eye out for one in the junk mail--it could be worth it!

And WOW on the card! I am very envious right now, but I'm hoping by May to be able to say the same about my lowest card, and be on my way to my next one. I paid a small one off last month and shredded it--better than ice cream. :)

~*Mona*~ said...

That is so great, Cassandra! And your story definitely gives Him all the glory!

Hugs!

Alilia said...

YAY! I'm so excited for you both! What did you eat all week? Pancakes? :) I enjoyed our Carcassonne game at the airport. Thanks for coming out.

Cassandra said...

Lynsye - I wish we could save the $190 and find a new dentist. The problem is that I am extremely afraid of dentists and I like this one. I'm willing to spend the $190 just to keep the comfort level I have with my dentist. They are giving us a discount because we have no insurance, are willing to pay cash up front, and because it's been so long since we've visited... Good luck paying off your next credit card!

Mona - Thanks so much! God is the only way we could have paid off that card this year. He is so good!

Alilia - We ate a LOT of macaroni and cheese. LOL. I shifted around the order of some bills in November and figured out a way to cut it close and freed up a little bit of money that way. Would have eat pancakes but I was out of flour! ;) I enjoyed our Carcassonne game as well. Thanks for having us out! :)