Progress on Discover Card Debt

I still don’t make a lot from blogging at least in terms of what you might expect for the amount of effort I am putting into it.  But I am still able to net several hundred dollars a month after expenses so I have been using that extra money to pay off debt.  I have already paid off a credit card and another credit line saving me plenty in terms of interest and about $200 per month in payments.  This will help my monthly cash flow for years to come.

Now I am targeting my Discover Card since the interest is so high.  I have been working on this for the past few months.  In December, the balance was $8809.  Currently, it is $7928 so I have managed to pay off $881.  I know that it is not the greatest progress, but I am still pretty encouraged.  I will be making a regular payment and adding an extra payment from my blogging income.  I have been holding some money back in my blogging PayPal account in order to cover expenses associated with building two blogs.

Have a Little Cushion Now

But now, I have a little bit of a cushion so I just completed the transfer into the bank.  Of course, it will take a few business days to make the move, but I will now go and make an extra payment to the Discover Card bill.  In about ten days, my regular payment will go out as well so I will be knocking out a nice chunk by the time I get my next statement.

If I can continue to do this each and every month, I should have the card paid off by roughly the end of September.  Of course, if I can actually grow my earnings which I should be doing since I am part of the $30,000 online income Challenge, I will be able to get it paid off even quicker and begin working on the next credit card with the regular payment plus extra blogging income.

Trying to Stay Angry

I really need to try and stay angry and focused on eliminating all of my debt.  I know that I have a long haul ahead.  I figure it will take anywhere from 6-10 years to get everything paid off.  During that time, I will be adding college debt to the equation as well since the kids are getting to that age.

Now I haven’t had a chance to sit down and try to map each month out along the way and set anticipated targets.  I suppose I could do that, but I think that would not work well for my psyche.  I think the best thing for me to do right now is to continue to avoid any type of consumer debt, resign myself to the fact that I will be adding loans for college albeit at an interest rate preferable to credit card debt, and use any extra blogging income for additional payments in order to speed up the process.

So that is the plan.  I think it is a decent one.  It may not be the best, but it is what will be working for me.  I will be sure to keep everyone updated from time to time.


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