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A thought on credit cards

June 2nd, 2011 at 08:42 am

A comparison of our credit card use for the last five months of 2010 and January-May, 2011 revealed that we were overspending so much money. It also revealed that the reason we've been able to apply so much money towards the mortgage principal is the following.

Between August-December of 2010 we paid a total of $9,886.68 on our Chase Visa (balances were all paid in full at the end of each month).

Between January and May of 2011 we paid $1,947.72. That's a difference of $7938.96, which is a substantial amount of money. The bottom line is that I much rather curb our spending and make a nice dent on the mortgage balance.

6 Responses to “A thought on credit cards”

  1. creditcardfree Says:

    Great job...if I understand it right. Instead of spending on the credit card you are knocking down the mortgage. Again awesome job!

  2. NJDebbie Says:

    That's exactly right!

  3. monkeymama Says:

    Are you saying that you spent that much more simply because you were using a credit card versus cash?

  4. Petunia 100 Says:

    It's awesome that you're making such nice progress on your 15 year 3.75% mortgage. I am jealous on all 3 counts.

  5. LittleGopher Says:

    Wow, you're doing great! Looking at your mortgage goal in the sidebar, you'll be reaching it very soon - how exciting!!

  6. NJDebbie Says:

    MonkeyMama, we were using the credit cards like there was no tomorrow!

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