May 31, 2007
May Plastic Pinch Update
Here’s the stats on my ugly load of credit card debt and the very little progress I have made in the short term of paying it off, yet much more progress on the long term cost of it. I got some credit line increases and some APR decreases this month which helps reduce the finance charges. Now if I push higher payments to these so that more will go to the principle besides just paying that minimum to cover the finance charge and nearly nothing of the balance.
| Credit Cards | Balance | Credit Line | APR |
|---|---|---|---|
| Bank of America | $4,320.40 | $5,500.00 | 17.24% |
| Associates | $1,336.89 | $1,700.00 | 18.99% |
| Citi Dividend | $4,757.72 | $8,700.00 | 9.90% |
| Zales | $1,144.49 | $5,000.00 | 9.90% |
| Totals: | $11,559.50 | $20,900.00 | |
| Debt-to-Credit | 55.31% | Change | 0.95% |
I am considering opening a new credit line to transfer my now HIGHEST rate credit card to a 0% for 15 months. By making a bigger payment to it that should be blown away in less than that time and all with not paying any more finance charges. The unsafe side is if I don’t pay it off in time then the interest accrues from the start and that would hurt. I would like to at the least pay off one smaller account this year so I can beef up payments on the next smallest account. There has also been talk about me getting a second part time job to earn some extra income to go towards paying off debt. I have some hurdles to get through here in June because the car insurance bill is coming and there is no budget for our anniversary either. Goodbye emergency fund?
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