We pay off the first card

We have paid off the first credit card! It only had a $1000 limit (and a $1000 balance) and it is a very small step in the big scheme of things but it feels so good. As soon as the money that we just paid clears my wife will call them to cancel the card. I can't wait! Not only have we decreased the amount we owe and our credit limit but we have also increased the amount we can now pay on the remaining cards and loans. Our next goal is to pay off a store card which currently has a balance of $1700. We have already been paying this one off quickly because we need to get the balance to zero before the interest free period runs out. With the extra $100 a month we had been paying of the other card we will get there almost twice as quickly. We will also put any other spare money off it as well.

Once that card is paid off and cancelled I think we will go for the personal loan. Because it is relatively low interest with regular repayment, conventional wisdom tells us to leave it till last. If, however,we pay it off and add the regular repayments to our snowball we will have around $800 per month to pay off the next card. Then we will really be moving!