One Down One To Go!

Just wanted to report that as soon as the payments hit Donna and I will have paid off the Chase credit card! We've paid off over $10,000 in 4 months! Up next is her student loan and we plan to knock it out with the same intensity that we knocked out the Chase credit card.

Just to recap in Sep 2011 we opened a Chase account and transferred our credit card debt to a 0% APR for one year account. We knew that having a year to pay it off would force us to pay it off within the year so that we didn't get hit with interest. In January we both read Dave Ramsey's Total Money Makeover and even though this debt was higher than her student loan and it was interest free compared to 6.8% interest we decided to pay this one off first because we knew we had to have it paid before October 2012. Little did we realize we'd end up paying it off in 4 months! I guess we did get gazelle intense though it really didn't seem like it.

I'll be the first to admit that we were able to knock out big chunks of it through the sale of camera gear and things like that but I'm fine with it. I sold a really nice camera that I wasn't shooting with enough to justify keeping it and as it turns out it looks like we'll be switching to different cameras soon so there's a good possibility I'll be selling all of my Canon gear and using that money to fund the new cameras that we'll get for Donna and me.

For me the coolest part about the whole deal, other than paying off the card, is that we made the last two payments on my birthday. What a great present that was!

4 April 2012 Update: I logged into the Chase account this morning and the payments have been applied. Chase has been paid in full! Time to write them and have the account closed. Below is a screen capture of the account summary page.