Wednesday, May 26, 2010

CCCS Update

The other day I put together a badass chart showing what our monthly payments are to each of our CCCS accounts, and how much of that lump sum goes towards each credit card. Each credit card has a different APR, ranging from 1% to 6%, and we still get statements from each card showing what the balance is and all that good stuff.

So in my chart, I put what out current monthly payments are for each month and then used this calculator to figure out how many months it would take (including interest) to pay off each card. It was slightly tricky because once one card is paid off, that money gets applied to a different one, so I kept having to adjust the total balance field and keep track of the months.

At any rate, Ryan's first card will be paid off in June (JUNE!!!!!!!!!!!!) and his second will be paid off in August (!!!!!!!!!!!!). And then he is done. DONE. Then we snowball that lump payment towards mine, and my cards finish in September and October.

In just 5 months we will be free of the credit card debt (!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!) that has been weighing us down like a friggin ball and chain since grad school. We started the CCCS program in August 2006 and in just 5 months we'll be done. Based on our original debt they quoted us 5 years to pay it all off, but in the past 4 years we both got new jobs with bigger salaries and have made it our business to throw as much as possible at CCCS to get it paid faster.

I can't even begin to tell you what an accomplishment this is. I realize we should have been smarter with our cards and all that jazz, but what's done is done, right? I can't change the past, but the future currently looks amazing.

7 comments:

A Mother...Again said...

That is a HUGE accomplishment! You should be SO proud of yourselves...because I know from personal experience how hard this really is.

We're making our last payment this month...it's taken me 4 years to pay mine off and him 2 years...I can't wait to write that final check!

Congratulations!

Katie said...

Its from Babys R Us actually...and it's chocolate brown--so its not too 'baby'ish and Declan is fine holding it. It has an insulated pocket for bottles which I love...and lots of good storage...

here it is: http://www.toysrus.com/product/index.jsp?productId=3144095

Anonymous said...

Congrats to the both of you....the future is lookin' good...in more ways than one!!!

Your Southern Aunt
xoxoxoxoxoxoxoxo

Anonymous said...

Congrats, very proud of both of you!

Love,
Me again from NJ

Angala said...

i stumbled across your blog and it's amazing. I really like it. I read this article and i felt your pain. I'm so happy that the worst is almost over.

Sue (Someone's Mom) said...

I am thrilled for you both!

Mrs.LifeAccounts said...

Congratulations! We don't have credit card debt but we have student loans up the wazoo so that's what we've been chipping away at. We are paying down the second one this weekend and I am so excited to be another step closer! We would be so happy to have them paid off before a baby makes it's appearance!