Let’s Talk about Credit Cards


Our goal by the end of July is to pay off 2 of our credit cards. One has a total balance of $409 and the other has a balance of $362. These 2 cards hold our smallest balances.

I’ve noticed there are two popular schools of thoughts when it comes to WHICH debt to pay off first:

Thought 1: Pay off the smallest balance first so you get the feeling of a “win” early on. Popular financial expert who recommends this path: Dave Ramsey

Thought 2: Pay off the most expensive debt/the debt with the highest interest rate first. Popular financial expert who recommends this path: Suze Orman

We’ve tried both ways in our {unsuccessful} debt journey and have found the first path, of paying off the smallest balance first, works best for us {well, works bettER for us. Obviously neither path has worked for us thus far.}

Our current credit card debt total as of June 1st? $40,000.

Yowza. Not only painful, but embarrassing.

The average household in America has approximately $16,000 in credit card debt. (source) Guess what guys? My family is above average!!!  Usually that’s a good thing…not so much in this case.

I’ve heard it said in order to actually accomplish a goal, you need to make it S.M.A.R.T: Specific, Measurable, Achievable, Relevant and Time-bound.

So, our 1st S.M.A.R.T. debt goal is as follows:

We will pay off $771 in credit card debt, to be measured by the $0 balance on the statement, by July 30th and accumulate NO NEW CREDIT CARD DEBT.

How about you? I’m assuming if you’re reading this, that means you have an interest in living a life of wealth and abundance too! So, what commitment are you going to make for the next 60 days in order to bring you closer to the life you dream? Share it with us! We can be accountable together!!!



One Reply to “Let’s Talk about Credit Cards”

  1. We stopped using credit cards about a year ago and I’ve made sure to do a balance transfer before the 0 interest promo period ends. Sometimes it means living paycheck to paycheck, but we’ve paid 2 credits cards off entirely and the other two are getting more manageable. I wish you guys luck! It seems like you’re on the right path! It’s the student debt that’s killing us!!


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