Debt Josh on 31 Jan 2009 09:32 am
Credit Card Debt Free!
Today is a milestone for me. If you recall from my New Years Goals post, my first goal for this year was to pay off the $1,800 remaining on my credit card by February. Today, one day before February, I made the final payment on my credit card.
After graduating from college last May, I had about $4,200 in credit card debt. I am now credit card debt free. And it feels phenomenal!
What does this mean for my personal finances? For one, it is going to improve my FICO score. Even more importantly, it frees up $500 to go towards debt and savings. With every debt that’s paid off, you have that much more money to go towards paying off further debt (or reach savings goals).
Being free of credit card debt is an incredible feeling, and one I plan to have for the rest of my life. I will never again carry a monthly balance on my credit card.
On to the next goal, paying off my $5,000 loan by June. This could be derailed slightly due to recent developments at my job, but if it is I will simply re-adjust my deadlines for the goal and keep plugging away.
Please continue sending any personal finance related questions to centsabilitytowealth@gmail.com.
