Pay off my Discover Card

I have $1000 on my Discover Card, and when that is paid off I will have no credit cards.

Suck on that Discover!

Paid the last of this today. Only one card left: $1,500 at 6%. I want to wipe that out by June 2008, and continue to not use the cards.

Then beef up my emergency savings, and start a Roth IRA.

By paying at least $500 a month, I have reduced my consumer debt by $4000 since last September. The ‘pay off one card at a time’ strategy does work.

There are many many great ideas out there on additional ways to pay off the CC. Snowballing is one: Every time you forego an expense, say that extra meal, the extra dessert, a movie out, a new pair of shoes, you take that exact amount of money that it would have cost and put it towards the card as an extra payment.

The best way is to get a second job, even if it is only two nights a week at a low hourly rate and use all of the proceeds to pay it off. It may increase your stress. However it will be a learning experience later not to use the CC needlessly!!

I am counting this as done because the balance in my savings account dedicated to paying off the card equals my current card balance. The interest rate is 0% through December, so I’m letting the money collect interest for the rest of the year.

Having the cash on hand this far in advance is a huge relief.