Archive for April 21st, 2008

Six Figures and Broke Debt Update

I try to update my chart over at the No Credit Needed Network once a month, today was that day. Over the past month, we have a net reduction of $1510 on our credit cards. As I’ve previously mentioned, I have not included my automobile loan, home equity loan or student loans in that chart. The amount would have been lower but my husband has had about $800 in charges hit his account for his upcoming business travel. So in a month, when we receive the expense check, we’ll be able to apply that chunk of money to the debt.

Since we started with NCN at the end of 2007, we have paid off 12.49% of our debt. At this rate, we’re looking at about 32 months to pay off the debt. As my income goes up a little bit (I am a freelance writer so it isn’t much right now) this will go a little bit faster as 100% of what I make goes directly on to debt.