Credit Card Balance Paid Off
Posted on: May 6, 2009 by Matt
Originally uploaded by andrea francesco
On the day that I left for vacation I made another step forward in my financial recovery – I paid off the remaining balance on my credit card. I have posted a couple of times about a new approach that my girlfriend and I have decided to take and I am happy to report that when I left for vacation my credit card had a balance of ZERO!
According to the debt repayment plan we discussed for the credit card we would pay it off as quickly as possible but continue to use it as sparingly as possible. So I did use the card again while on vacation for most purchases but the upside is that my new charges should not accrue any interest until after my next statement.
Right now my new balance after vacation is about $450 which is actually a little bit less than I had anticipated. When planning the short vacation I figured that we would probably spend close to $600 in addition to the room so I am about $150 ahead of where I expected to be. Given my current expenses and income I think I will be able to have the balance paid in full prior to my next statement. In addition – once the balance is paid off again I should also not have to carry a balance on the card any longer.
I should be receiving another statement in a couple weeks here and will plan to give everyone an update on where I stand then but I do believe that I have moved past carrying a balance on my credit card!
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TagsBudget, Budgeting, Credit Cards, Debt, Debt Reduction, Expenses, Goals, Personal Finance, Planning, Relationships Filed Under: Credit Cards, Debt, Debt Reduction, Goals, Planning, Relationships
Great job! It’s always a feeling of accomplishment to have one less debt payment, plus the money you were paying towards interest can now stay in your pocket or go towards paying other debt down faster.
This is a good post. You are absolutely right!
Thanks for sharing the information
It is very useful!
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Nothing is better than having zero balance on credit cards. It just feels so good knowing that there’s no more interest changes and the pressure to pay. Congratulations!!!
Thanks all! I am really excited about the progress that I made (with my girlfriend’s help of course) this past month!
I hope to keep it all rolling forward into next month.
There is no better feeling than being debt free. It’s such a load off your shoulders and a stress reliever.