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I've been doing these reports quarterly in the past, and the next one wasn't due till next month. But I feel like I need the little motivational boost I get from these postings more often at this stage in our debt paydown, so here I go!

To review, we started here (July 2006):

October report here:

January report here:

We do have a few big expenditures on the horizon in the next 12 months. We're going back East this summer to celebrate with relatives who were unable to make the trip to CA for our wedding, and to visit our new baby NIECE who is due in May! My laptop is also nearing the end of its lifespan, and DH's car lease will be up next March so we're saving for a down payment to BUY him a car to replace it.

But by far, the most exciting thing I have to report is that my new husband and I sat down and had a great discussion about our financial priorities. We talked about our short and long term goals and I showed him our CC debt and the snowball calculator and we talked about what we would need to do to accomplish our goals, and set our priorities for the coming year. And he is on board with paying down the CCs as our #1 goal! Having felt for most of the last 8 months like I was running the show and he was along for the ride, this is a great feeling.

So we now have a budget in place that should enable us to pay down the rest of the CC debt by the end of this year, excluding the former SL debt that was transferred over. Here are our figures:

July 2006 Oct. 06 Jan. 07 March 07 Int. Rate

Yahoo (Chase) $12,600 $10,677 $ 0 $18,500 3.99% for life BT (student loan)
Chase $ 0 $ 0 $ 9,647 $ 9,356 5.99% for life BT
Discover $ 5,309 $ 7,184 $ 6,761 $ 6,492 0% through 10/2007; 10.24 after
Citibank $ 4,300 $ 4,147 $ 3,020 $ 1,286 7.9% fixed
HSBC $ 824 $ 410 $ 0 $ 0
Line of Credit $ 5,000 $ 0 $ 0 $ 0
Discover2 $ 0 $ 0 $ 0 $ 5,756 3.9% through 1/2011 (student loan)

Total: $28,033 $22,418 $19,428 $41,390 (Student loan balance of $24,728
Net payoff: $ 0 $ 5,615 $ 8,605 -$13,357 transferred to CC in Jan. 2007)

Total (minus student loan transfer): $16,662
Net payoff (minus student loan transfer): $11,371

Weighted interest right now is 3.93%. Next in the snowball after Citibank is the Chase card at 5.99%, then Discover because the interest rate is about to go up. We won't have it paid off before the 0% expires, but the snowball calc indicates that it's still best to do Chase first.

If we are able to stick to our plans, we should have happy dances in May, October and December and will be DONE with the non-student loan debt by then. It's still hard for me to believe that we've paid off over $16,000 in credit card debt in 10 months. If you had asked me a year ago if we could find an extra $1600 a month to pay down our debt with, I would have looked at you like you were nuts. And yet we are doing it! And it feels awesome. Thanks Fools for all your support.
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