So, here’s the first in a series of hopeful blog posts that will illustrate my attempt to kill my debt.
What is this debt? Well, I am a Dumb Kid who doesn’t know how to manage money. At all. So this is gonna be my attempt at whittling away at it all, so that hopefully by the new year, I will be almost debt free. :D Except for school debts. x_X
I want to have nothing sitting on credit cards. :-)
Current Situation
CapitalOne
… credit limit: $750
… current balance: $756.03
… scheduled payment: $100.00 on February 26th
… note: I missed the payment date by a few hours last month, which is why I’m over :( I got them to remove the overlimit fee tho, which is great
Chase Amazon
… credit line: $700
… current balance: $684.76
… scheduled payment: $40.00 on March 5th
Walmart
… credit line: $400
… current balance: $353.32
… scheduled payment: $25.00 on February 26th
… note: I have until January 2011 to pay it off with no interest, so it’s taking a lower priority.
Discover
… credit line: $300
… current balance: $261.60
… scheduled payment: $25.00 on March 5th
Kohl’s
… credit line: $400
… current balance: $376.02
… scheduled payment: Not sure yet :’( Will depend on how much I end up getting paid on March 12th.
… note: the problem is that I work here and am way too tempted :( so after I made a return tomorrow (which will decrease my current balance to $361.57 it will be leaving my wallet!
Macy’s
… credit line: $600
… current balance: $0
… :)
Total
… credit lines: $3150.00
… current balance: $2431.73
… after Kohl’s return: $2417.28
… after scheduled payments, before interest: $2227.28
Short Term Goals
1) Charge nothing new to any of the above accounts, instead use my check card / cash / PayPal account exclusively
2) Pay down more on the CapitalOne account, and when I can, transfer the entire balance of the Discover card over to it and close the Discover account.
3) Pay just above minimum balance on Walmart card until fall, at which I want to get it paid off so I don’t incur any interest. Will take priority over CapitalOne at that point, which will hopefully be hosting the remaining balance from the Discover card.
4) Have Kohl’s card paid off by fall
5) Make extra money where I can :-)
What I also owe…
Brother – $1200
Parents – like $1700
BFF – $100
D:D:D:D:D:
2 comments
Paul
March 5, 2010 at 2:26 am (UTC -5) Link to this comment
Didn’t realize you had gotten so much card debt :S Kinda makes my $475 Target balance feel much smaller than it did before. Good luck!
I heard that you should just pay minimum payments to all cards except one that you knock off as much as you can until it’s zero and just keep doing that.
Greg
March 5, 2010 at 6:41 am (UTC -5) Link to this comment
Here’s an example of why our economy is the way it is… they let people do this.