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Just took a bite out of my savings and combined it with my bonus from work and paid off $5200 in credit card debt! Payment was mostly savings but I did leave a little cushion for myself and I can build it up pretty fast without the massive debt payments. My chunky pay-down left me with only $500 reporting on my K limit BofA Americard. I just couldn't pay it little by little, It was killing me and knowing I could squeeze it out of my savings... I know they say the interest rate is eating what savings earn but savings for me are just SAVINGS- I would like them to earn but that isn't why I have them, it's for the oh crap moments/months that may happen. Anyhow. I went back and forth on whether or not to pull savings but I decided to heck with it! I plan to refresh my savings with my tax return which should just about cover it but now I can save $500 a month instead of throw it at my ever increasing (interest) debt!
On a side note- we started couponing in my household. Saved $160 off of our $380 bill. That's GOOD for us! We spend way too much on groceries but otherwise the budget is cut about as thin as it can go. I have a chunky car payment but otherwise, we live fairly simply. I am SO excited to be debt free as of Feb ( I am taking the 500 I would like to save to wipe out that last bit of debt FOR GOOD) I am also excited to save some money from the coupons and better meal planning. 2013 is looking bright!
I have learned so much from these forums and I feel so blessed to be able to meet my goals, even if it means I have to use my savings for now. I am grateful to even have savings, I know not everyone is as fortunate. I hope you all meet your credit goals for 2013 and beyond! You have helped me so much!!
Wow thats awesome!!! sounds like you got a little Dave Ramsey in you lol
Congrats on paying down and being almost debt free! I recently paid about 5-6k on CC debt. It feels great!!!