August 31, 2007
Plastic Pinch Update for August
Things are going down but nowhere as quickly as I would like it to. I’m at least where I was before June and all those events happened. Instead of trying to pay off debt I am trying to avoid increasing it. On the other hand my wife isn’t helping us opening a store credit card and buying a bunch of clothes with it. Debt reduction seems counter productive when this happens. Here’s where I currently stand:
| Credit Cards | Balance | Credit Line | APR |
|---|---|---|---|
| Bank of America | $4,067.98 | $5,500.00 | 17.24% |
| Associates | $1,297.89 | $1,700.00 | 18.99% |
| Citi Dividend | $5,346.00 | $8,700.00 | 9.90% |
| Zales | $1,000.00 | $5,000.00 | 9.90% |
| Totals: | $11,711.87 | $20,900.00 | |
| Debt-to-Credit | 56.04% | Change | 1.28% |
I’m glad I got the Zales account down to the 1k because that means it will fall below that next month. If I could figure out a way to budget four focused payments of $250 I could kill that by the end of the year. I also opened a new credit card myself that offers 0% APR for 12 months and $100 gift card with initial purchase. So when I get the card I’ll have to wait before doing the balance transfer to it and buy gas or something with it, pay it off, collect my gift card, and then transfer a balance to it. It will be nice to not pay interest and focus every dollar on principle. Just have to figure out what to do about this store card my wife opened now.
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