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Hello-

I just finished sending in a payment for the remainder of my Discover credit card balance to get it paid off.  Yippee!

Here’s the scheduled payment:

The posting date is December 25th, so I guess it’s a Christmas present to myself.

In Feb of this year, the balance was almost $6,000.

I just finished making my payments for the year for all my other credit cards trying to get my balance under $50,000 for the year and let’s tally the numbers:

Discover Card: $0!!!!!!!

USAA: $10,247

ATT Universal Crappy Card: $10, 342

Chase: $14,109

Bank Of America: $16,089

Total outstanding credit card debt end of December 2008: $50,787 :o(

Guess I didn’t make as many payments as I thought I did.

At least I got one credit card totally paid off.

If you haven’t already heard, there were some new regulations passed down to the banks and credit card companies that are supposed to make it easier on us consumers.  The biggest one I like is the no more universal default clause.  I hated this one.  If you make a late payment on one card, all your other cards could penalize you.  How fair is that?

The other one that I liked was the applying your credit card payments to the highest interest balance first.  I have several low balance transfer offers for the life of the balance transfer on some of my cards and they charge 3 or 4% interest and other balances on that same card for 18% interest and the payments I make go to the lowest interest rate offer so I pay much more in interest while I have that outstanding balance.

I just want to get these cards paid off so I can stop flushing money down the drain to these greedy credit card companies in interest charges.

Total credit card debt started with: $62124 Feb 2008

Total credit card debt now (December 2008): $50,787.

Total credit card debt paid off this year: $11,337.

Looking forward to getting over $25,000 of credit card debt paid off in 2009.

Wishing you a Merry Christmas and Happy New Year!

-Adam

The Credit Blogger

Hello-

Just wanted to post a quick update to myself basically keeping track of how well my credit card debt repayment is going.

My Discover card is getting closer and closer to being paid off and I’m starting to get excited at that prospect.  It has been too long since I have seen a zero balance on one of my credit cards.

I have $1865 remaining on my Discover Card.  Hopefully I can get it paid off by the end of the year.  I’ve been making around $600 in payments each month to it so in three months it should be GONE!!!

And then I can celebrate and go buy a brand new 100 inch big screen plasma LCD tv!  Don’t even know if they make those yet or if that’s even possible. :o)

After I pay off my Discover card I have a decision to make, I have 2 cards that each have about $10k on them, one with $14k and one with $16k.  Since both Bank of America and ATT Universal Card have both treated me badly either by trying to raise my interest rates or lowering my credit line even though I’ve made all my payments on time, I think I want to pay off those two first so they can stop earning so much interest off of me.

I’ll have a couple months to figure that out, first things first, get the Discover Card paid off!

Here’s my balances:

Discover: $1865

USAA: $10071 - Been using it a little which is why it has not gone down.  Slap my hand.

ATT: $10683

Chase: $14776

Bank of America: $16759

Total Credit Card debt as of September 2008: $54,154

I’ve paid off $7970 since Feb 2008.

That’s all for now.

-Adam

The Credit Blogger