The pace should pick up soon, though, because Fortysomething has some summertime side hustles lined up to the tune of ~$4000. There's also a decent chance I'll get a small bonus of $500 or so in July, and rumor has it that Fortysomething will land a bonus soon, too. Like the raise, the details are fuzzy, but I'll estimate another $500.
All told, between summer work and bonuses alone - not including our regular monthly payments - I'm hoping we'll be able to reduce our total credit card debt to at least $4000 by the time school starts up again in the middle of August. At that point, our emergency fund will be in good shape, and we'll be making regular credit card payments of $1000 a month.
That means that all of our credit card debt should be gone for good by the middle of autumn. I CANNOT WAIT.
To me, this particular credit card (which we unlovingly refer to as Credit Card #3) constitutes the most difficult part of our debt elimination journey. It has the highest interest rate of all our remaining debts, and of our three credit cards - two of which are now gone! - it has the highest balance. Of course we'll still be dealing with student loans once the credit cards are obliterated, but we'll be able to make a dent in those at a much faster pace, especially if we can refinance Fortysomething's student loan and reduce his interest rate by a few percentage points.
Also, for those who have asked, we ARE considering a balance transfer to a 0% interest credit card. Chase Freedom Unlimited looks particularly promising, so if you have any experience with this one, let us know.