Paid off $30K in debt in six months
This will be a short note as I am leaving for LA in a few minutes for a meeting with my largest client…
Just wanted to post to say we retired our HELOC debt this week! You may remember my post back in November about setting goals.
Â
I set a goal of paying down our credit card and HELOC debt by $30,000 in six months. Sunday is the six-month anniversary of that goal and I am pleased to say that we made it! The remaining consumer debt we have is all at 0% until July (or longer if another offer comes along). If not, we have the funds to pay it off.
Back in November our total credit card and HELOC debt was $59,290. As of today, it is $30,202. So we’re about a thousand short of our $30K goal but that is only because I used the credit card for a business trip I am about to take (which I’ll be reimbursed for). The bill isn’t due yet for this card (I always pay it off) so by the end of the month it will be gone.
At the same time, our liquid assets have actually increased by about $1,000 plus I have close to $9K in receivables I didn’t have back then. Add to that the $10K we’ve paid against principle on our mortgages and our net worth has risen nicely!
I don’t think we’ll be able to keep this pace up however. With my losing my day-job the income will be more consistent with what it was. Feels good though to have gotten this far though!