An anonymous response to my last post called my credit card debt "disgraceful."
Uh, tell me something I DON'T know! It is indeed a disgrace, and I have to settle down and get serious about eliminating it.
I have six credit cards, with a total of $24,125.06 in debt. The interest rates range from 0% on two cards to a high of 13.24% on one card.
I try to follow Dave Ramsey's snowball, paying minimums on all the cards with the exception of the lowest debt (in my case, a credit union VISA on which I owe $1763) where I pay more than the minimum.
Given that this year I have a car payment, and a significantly larger mortgage PITI payment, finding money to pay on the lowest card is going to be more difficult. I still don't know, and won't for another or so, if my wages will increase.
But I have no intention of retiring with credit card debt of any kind. Good thing retirement is not for eight years down the road.
My fallback plan, should I still have credit card debt in 4.5 years when my mortgage is paid off, is to then throw all of the money previously used for the mortgage toward the VISA/MasterCard indebtedness.
But who wants to carry around that debt for more than 4.5 years?
Certainly NOT moi!