August 3, 2007
Plastic Pinch Update for July
Like I said in my last update, the balance on my Citi card is ugly. Even with a bigger payment, and it wasn’t much more than the minimum as I’m focusing on my smaller debts, it did not level out a whole lot. I’m struggling here trying to recover from an ugly June with more expenses than I really needed to deal with. Even with spinning and rationalizing what is going on, it will not continue to go up! Here are the details on the damage I have done to these things this past month:
| Credit Cards | Balance | Credit Line | APR |
|---|---|---|---|
| Bank of America | $4,108.24 | $5,500.00 | 17.24% |
| Associates | $1,299.71 | $1,700.00 | 18.99% |
| Citi Dividend | $5,400.00 | $8,700.00 | 9.90% |
| Zales | $1,055.93 | $5,000.00 | 9.90% |
| Totals: | $11,863.88 | $20,900.00 | |
| Debt-to-Credit | 56.76% | Change | -0.77% |
I’ve decided in an attempt to try to not only motivate myself to pay it off, but force myself to pay it off within 12 months, to get a 0% balance transfer offer (with no fees!) and move the Associates balance to it. I’ll divide out the balance into fixed payments and treat it as though it were a term instead of revolving account. The Zales account will drop to $1k this month, and I would love to make a mad attempt to pay this one off this year. This would mean about 4 payments of $250 each to kill it once and for all so I’ll see if this can be done.
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