This month I paid off our Home Depot retail account.
When I opened the account, we had six months with no payments or interest. But if I hadn’t of paid off the balance by mid-November, we would have had to pay the back interest on all six months we hadn’t made payments. So I paid off the balance and intend to close the account by the end of the month.
Originally, we had opened the account to take advantage of a significant discount when buying new window coverings in late spring. We then ended up using the account a second time to purchase a new dishwasher. Both home improvements contributed to how quickly our house sold in September. So I’m thankful we made the improvements. And now I’m thankful the balance is zero!
Here is a snapshot of what my total debt looks like right now…
What this means is that we were able to reduce our debt by almost $3,000 in the last 30 days. I don’t expect to be this aggressive every month, but given the circumstances, we needed to take a big whack at the debt. I hope next month will also be positive. That’s what I’m shooting for.
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{ 2 comments }
“And then there was eight…”
Congrats!
I had a call offering me another credit card. I said, “Gosh, no way… I’m trying to get rid of them.”
Thanks for the encouragement, John. Like you said, one account down, only eight more to go…
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