Pay off my credit cards

This year alone I paid off $12000 to Bank of America-both credit cards are finished. I have one more to go and the balance is about $3500. I want to pay that off in the next four months. I’ve been working extremely hard and extra jobs to do this.

I had planned to pay $1000 from my tax refund to my B.O.A credit card, but I used part of it to pay on my summer vacation to Jamaica! I think it’s an ok trade off considering I’m paying for it in cash and didn’t use a credit card. I still have a little over $500 left that can go towards the card, but I’m going to hold onto it for a while. In the meantime, I’ve been doing everything legal to get my hands on cash to go towards the debt. I’ve been doing market research studies, focus groups, all kinds of extra jobs. So when that money starts coming in- I’ll use it to pay on the card.

First month out the gate paid $500 this month, my minimum was $146. So that’s pretty decent. When I get my income tax check, I’m definitely sending a big percentage of it to B.O.A. I can’t wait until that check is direct deposited. I’m working part time and promotional gigs to get this done.

I mailed the last payment to my Lockheed Visa card. The account is closed and I’m waiting for the zero balance statement. What a relief! The next card is over $7000, but with determination, persistence, and faith…it will be eliminated before the end of 2006!

I just recently found out they increased my interest rates on a card I have with them. Not because I’ve missed a payment, not because I’m late making payments, and not because I’m over my limit. They ran a credit report/score and based on all my balances, they determined that I am too much of a credit risk and increased my interest rate. That is the most ridiculous reasoning I’ve ever heard. This just amplifies my intensity to pay them off next, even though Dave Ramsey says to pay off in order from smallest to greatest. I owe them the most at close to $7500 and my goal is to pay this off in 2006. It will be done.

I just mailed a $600 check towards one credit card…the remaining balance will be $329.12….that’s down from over $3000 since August. I should be able to pay this balance with my last check in December! I still have a long way to go, but by gosh I’m going.

Estimated balance as of today’s payment $929.12

I’ve known that my credit card situation was in ridiculously high about two or three years ago. I sat down and calculated the amount. It was over $20,000. During that time, I’ve paid cards down and ran them back up. I’ve been underemployed for a while so I was just making the minimum payments. Now, I’m on a mission to be DEBT FREEEEEEEE!!!! I listen to Dave Ramsey’s talk show about financial freedom on a daily basis and I’m going about this with tenacity. Dave’s philosophy is to start with the smallest debt and work your way up to the highest one. He calls it a debt snowball. My first card balance was $3682.30(as of 8/26/05) and now it’s $1111.76! By the end of January 2006, this card will be at a zero balance. And then it’s on to the next!