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Credit card updates

February 24th, 2014 at 10:33 pm

I have not posted any updates in forever. Trying to get caught up at work and having the usually winter illnesses have gave me little time. Hopefully this week I can get in the swing of things. My credit card debit is looking manageable. I have a plan that suits me and I feel comfortable with it. I will put it into action on Monday.

I have only had one card (Visa). I had 8k on this card. I applied for a Discover card with 0% interest for 14 months. This month I was able to move 5k to this card. So now I have two cards with a total of 8k. I plan to pay the minimum on the Discover card until I get the Visa payed off. The Visa has a balance of 3k. I plan to pay $600 at the beginning of each month plus the finance charge. It should take me 5 months to pay off the debt. Then the $600 each month would be put toward the Discover card. It would take me an additional 8 months to be credit card debt free.

This has caused me to consider finding a second job and the income it provides will be used to pay off our credit cards. I plan to brainstorm a list of possible opportunities and get a resume ready. I want to have this credit card debit paid off by the end of the year!

2 Responses to “Credit card updates”

  1. snafu Says:

    Sorry to learn you've been ill and hope you've fully recovered. This winter has be punishing weather wise, causing scary driving conditions and threat of H5N1 flu didn't help confidence. Did you get a flu shot? I wonder if they help.

    Good plan to move CC debt to 0% interest and concentrate on clearing $ 3 k at [?] % at $ 600., done and gone by July! I like your plan to identify possible part time work and hope you'll put that into action right away. Are your registered on LinkedIn? Let everyone you know that you are seeking extra, pat time work. So many jobs are never advertised, just being referred by an employee is a boost. Our friends in HR suggest going to possible employers to tell them you desire to work there is a more positive action.

    I wonder if there anything you no longer use and love that could be sold with the sum also going to pay down debt.
    Hope you'll keep us in the 'loop' so we chan cheer you on as you work through this project.

  2. PatientSaver Says:

    What I do to keep big money goals front and center is create a little spreadsheet/chart where you can check off each month you make the payments as planned, with the running balance. Put it on the fridge or near your computer, so you can always see your forward direction and of course, the ultimate goal.

    I am doing this now with my retirement savings. I just need 5 more years of solid savings of $800 a month and a cooperative stock market with at least 6.5% growth overall in my portfolio. Based on that growth rate, I can ascertain what my year-end balance should be in each of the 5 years I'm tracking this, so I can easily judge if I'm on track.

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