July 20, 2007
Plasic Pinch Update for June
I know it’s almost the end of July and I have put this off long enough because I was scared of it. It is time for me to suck it up and deal with it though. I feel like I got kicked in the financial gut last month. This is a blog about paying off debt and then I went and spent money I didn’t have and that set me back. Part of the issue was I didn’t properly budget in advance to handle the car insurance bill, which was paid in full, but everything got tight. Unforeseen expenses early in June drove me to the point of using the EF to hold us over until I got paid and then correct it. At any rate, here’s the ugly truth on the credit cards:
| Credit Cards | Balance | Credit Line | APR |
|---|---|---|---|
| Bank of America | $4,148.90 | $5,500.00 | 17.24% |
| Associates | $1,323.89 | $1,700.00 | 18.99% |
| Citi Dividend | $5,200.00 | $8,700.00 | 9.90% |
| Zales | $1,100.86 | $5,000.00 | 9.90% |
| Totals: | $11,773.65 | $20,900.00 | |
| Debt-to-Credit | 56.33% | Change | -1.85% |
My Citi Dividend card is going to get even uglier because I used it to replace my wife’s stolen sunglasses. There are also some auto charge things that end up on that card, so I’ll beef up the payment to that account since those charges should be paid instead of charged. On a positive note all the other balances on the plastic are lowering and my payment on Bank of America has rapidly dropped by about $30 that can be refocused to other debt. I think for a short term goal, I would like to pay off the Zales account. Currently I pay an inflated payment anyways but if I were to double or triple that amount, it could be easily knocked out by the end of the year. In an attempt to reduce some of the comments, I have already taken the credit cards out of my wallet and now the only plastic I have is my debit card.
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