What’s (no longer) in your wallet?

Well, okay, we never actually carried it in our wallets. And we shredded the actual card years ago. But we just wrote the check to pay off our Capital One credit-card balance. And there was much rejoicing.

By the time all is said and done, we will have paid off eight creditors this month. That’s going to free up almost $200 a month that we can start using to pay down other debts. Whee! Combine that with the fact that we got a ridiculously large tax refund (which is a large part of why we’re paying off eight creditors this month), so I’m going to decrease my withholding, which will further increase our available cash for paying off debt every month… and things are looking very nice indeed.

According to my debt-snowball calculator, we’ll have all of our current credit-card debt paid off by December of 2008. And that’s assuming no raises, no tax refunds, no bonuses, no Christmas checks, no nothin’. (Then we’ll be able to move on to the car payment, the student loans, and the house. But hey, you gotta start somewhere, right?)

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