I have Credit card debt! As difficult as it is to say, it’s an important and honest declaration. So, rather than bury my head in the sand, I’ve decided to tackle this monster head on. For many Americans, this is a difficult subject matter to discuss. Many people are suffering under the stress of having too much credit card debt and not enough income to pay. I realize that I am lucky to be in a position to tackle my debt. If I’m not careful, I will go deeper into debt to the point where it is once again affecting my stress level. So, to avoid that fate, I’ve decided to hold myself accountable and track my progress towards paying off credit card debt. This is my first report.

Without further adieu, let’s see how much progress I’ve made to paying off my credit card debt.

Credit Card Debt – Recap

In my previous post on the subject, I wrote about my plan to get out of credit card debt. But, in case you didn’t read that post, here is a brief recap of how much debt I have.

• Credit Card Balance: $4918.96. Yes, in case you are tracking, that’s an increase of $50.59.
• Interest rate: 15.99%
• Minimum Payment: $48
• Amount Paid on: N/A (date): $0.0.
• New Balance as of January 29, 2022: $4918.16

As you can see, the new balance has gone slightly up. Even though I had to use my credit card since my last post, the amount used was SUBSTANTIALLY less than is typical. I was also very much aware of what those expenses are and I made a very conscious decision to use the credit card. This is a remarkably different practice than I had before. During previous times, I would use my credit card without even thinking about it. No more!

Progress Report

In January, I was not able to make a payment beyond the minimum payment. The good news is that January is almost over! I’ll start paying the balance down in February.

I get paid twice a month. I typically have more money available after the 15th of the month. So, hopefully, I will be able to make a larger payment before February month is over.

My goal for the next progress report is to only have declining balances. I’m really trying not to use the credit card again – at least until I bring the balance back down to zero.

Additionally, I’m also working on improving my financial situation so that I won’t have to rely on the credit cards in the future.

Conclusion

There you have it. This wasn’t a long post. It was just an update as to where I am with paying off my credit card debt. My intent is to track my credit card debt payoff, and then to track my 2022 resolutions. Doing so helps me post more frequently, and helps me stay focused.

What did you think of this post? Do you struggle with credit card debt? If so, what is your strategy for paying them off? Let me know your thoughts by commenting below.

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