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A little reflection on 4 months of eliminating debt…

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DebbsSeattle
New Contributor

A little reflection on 4 months of eliminating debt…

A little note for my future self and to you...my peers who can commiserate in the battle and the pain of change on a financial front. I began my "Project Clean Slate" in October and have embraced Dave Ramsay's Rice and Beans approach. Today I took a look back in time to see how this has actually proved out...SO FAR! I ain't done Baby! Stand clear, this girl is on FIRE!

 

April 2024 Total Debt = $164,303. Credit card debt = $40,373 (73% util)

Sept 2024. Total Debt = $162,977. Credit card debt = $ 42,423 (77% util) 11 cards of 11 cards with balances. Time passing and I kept creeping up the debt ladder with those credit cards, giving up my power with every dollar charged.

 

September Scores were Equifax ~ 670. Trans Union ~ 650. Experian ~ 660...these were the push to clean up my proverbial sh...stuff.

 

October I slowed into the process...I had a spending addiction to battle.

November I was fully in

December I kept up the pace

January I felt the momentum begin to push me.

 

Feb 2025. Total Debt = $ 143,535. Credit card debt = $ 26,519 (27% util) 5 of 12 cards with balances.

Scores as they appear today, Feb 01, 2025:  Equifax = 753.  TU = 739.  Experian = 737

 

That is a $15,904 decrease in principle balances on credit cards alone and $19,442 collective decrease in total debt.

It has been hard, it has been rough, it has been painful at times (like right now when I don't want to cook supper but rather go out for something) switching from Tide detergent to bargain brand, Starbucks to cheap beans, brown bagging lunches...you name it. If it can be cut, I'm cutting and at least trimming.

 

It is paying off though (pun intended). I feel proud and accomplished and excited and eager to keep chopping down this mountain of debt. My favorite days are paydays so I can jump online and spend it all on bills so I can update my spreadsheet and see my new numbers. And then wait for my scores to pop. I then spend the next 14 days playing with all my possible scenarios on the next bills to pay, how much and in what order. My OCD loves obsessing on it all. I am just thankful that I got motivated and have stayed the course. This will be fun to follow up on in a couple more months.

 

 

Message 1 of 9
8 REPLIES 8
DakotaM
Regular Contributor

Re: A little reflection on 4 months of eliminating debt…

Congratulations on the progress!  That's pretty impressive progress in the span of a few months!  Good luck on the rest!



Workers-Credit-UnionWorkers-Credit-Union

Message 2 of 9
citymunky
Established Contributor

Re: A little reflection on 4 months of eliminating debt…

Keep it up.

Rebuilding since 2021


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Message 3 of 9
ptatohed
Valued Contributor

Re: A little reflection on 4 months of eliminating debt…

Congrats!
[ Signature in dire need of updates. It's on my to-do list. Smiley Wink ]


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Message 4 of 9
MarkintheHV
Frequent Contributor

Re: A little reflection on 4 months of eliminating debt…

It will be an awesome feeling once you get to the point of paying off your credit card(s) every month.

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Message 5 of 9
celestiz
Member

Re: A little reflection on 4 months of eliminating debt…

Great job at paying down your debt. I know what a relief it can be to see your liabilities start to decrease. I have been trying to pay down my debt as well. I still have about $17,000 worth of credit card debt, which is down from about $25,000 three months ago. I recently got a 0% balance transfer card, and will be paying that down at about $1,500/month. I too am following some of Dave Ramsey's advice, and will be snowballing most of my debt, but one of my cards has a $6,000 balance, so I will pay that off with a share secured loan, that way I don't use most of my savings to pay off the balance, and I can replace the 18% APR credit card with a 3.25% APR, which will free up money to pay down my auto loan quicker. I will also be able to pay down my personal loans and student loans quicker without the high credit card debt. I hope to be out of debt including student loans by December 2028.

Message 6 of 9
Minimalist
Established Member

Re: A little reflection on 4 months of eliminating debt…

Outstanding!  Hope to be in the same place very soon.

Message 7 of 9
SouthJamaica
Mega Contributor

Re: A little reflection on 4 months of eliminating debt…


@DebbsSeattle wrote:

A little note for my future self and to you...my peers who can commiserate in the battle and the pain of change on a financial front. I began my "Project Clean Slate" in October and have embraced Dave Ramsay's Rice and Beans approach. Today I took a look back in time to see how this has actually proved out...SO FAR! I ain't done Baby! Stand clear, this girl is on FIRE!

 

April 2024 Total Debt = $164,303. Credit card debt = $40,373 (73% util)

Sept 2024. Total Debt = $162,977. Credit card debt = $ 42,423 (77% util) 11 cards of 11 cards with balances. Time passing and I kept creeping up the debt ladder with those credit cards, giving up my power with every dollar charged.

 

September Scores were Equifax ~ 670. Trans Union ~ 650. Experian ~ 660...these were the push to clean up my proverbial sh...stuff.

 

October I slowed into the process...I had a spending addiction to battle.

November I was fully in

December I kept up the pace

January I felt the momentum begin to push me.

 

Feb 2025. Total Debt = $ 143,535. Credit card debt = $ 26,519 (27% util) 5 of 12 cards with balances.

Scores as they appear today, Feb 01, 2025:  Equifax = 753.  TU = 739.  Experian = 737

 

That is a $15,904 decrease in principle balances on credit cards alone and $19,442 collective decrease in total debt.

It has been hard, it has been rough, it has been painful at times (like right now when I don't want to cook supper but rather go out for something) switching from Tide detergent to bargain brand, Starbucks to cheap beans, brown bagging lunches...you name it. If it can be cut, I'm cutting and at least trimming.

 

It is paying off though (pun intended). I feel proud and accomplished and excited and eager to keep chopping down this mountain of debt. My favorite days are paydays so I can jump online and spend it all on bills so I can update my spreadsheet and see my new numbers. And then wait for my scores to pop. I then spend the next 14 days playing with all my possible scenarios on the next bills to pay, how much and in what order. My OCD loves obsessing on it all. I am just thankful that I got motivated and have stayed the course. This will be fun to follow up on in a couple more months.

 

 


Congratulations. That is amazing. You are an inspiration.


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 706 TU 701 EX 692




Message 8 of 9
FicoMike0
Valued Contributor

Re: A little reflection on 4 months of eliminating debt…

Congratulations!

Nice to hear some good news!

Message 9 of 9
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