pay off my credit cards

Ok…so I will finally be on track with my bills starting in January. I can start rebuilding my credit, which has gone to s—- in the last two years or so. I don’t think I’ll be able to pay off all my cards by the time I turn 30 in two-and-a-half years, but I think in 4-5 years I will, as long as I DO NOT CONTINUE TO USE THEM! Now that I’m on track w my budget I don’t think I’ll have to. Fingers crossed.

We had been saving for our wedding for a long time, but in April we started a small business which ate up alot of the money in start up costs, wages, equipment etc.

Consequentially the wedding got paid for on credit predominately. So now for the fun part – paying it off and getting back on track financially.

The consumer-debt reduction goal is still high on my priority list, although my work situation has changed substantially over the last couple of months and, in turn, is impacting my $$$ flow.

However, I am looking forward to a nice big tax refund in February, that will be applied against my AMEX and should almost clear the balance! I am also moving to a less expensive housing situation, that should save me between $110-$150 a month. With the damage deposit from my current apartment being returned, I should be able to see one of my cards paid off after tax season – this would narrow me down to just one card, woohoo!

August 08
Mastercard: 1067.03 @ 5.99%.
Visa: 2425.78 @ 16.73%

My Visa balance, due to acquiring a dog with surprise health issues, an opportunity for an amazing vacation that I took (and don’t regret at all, regardless of $$$ spent), and a car repair, has actually increased. I have however, recently transferred it to another card (a rewards card!) and hope to pay it off by the time the 0% APR runs out in 6 months. The new card is put away and I will not be using it at all until it is paid off.

Visa: $2700 on new card, ($150 on old card that will be paid off this month.)
Mastercard: $696

Total: $3396

I am currently awaiting approval for a consolidation loan.

I joined mint.com at my boyfriend’s behest. OMG, it was scary to have all of your finances staring back at you. I have sat down with my mint account some, and have made budgets for a number of categories. I’m going to see how I spend for the next few months and then I will make adjustments as needed. This is my FIRST step in becoming debt free…go me!

I will have 2 paid off by January !
then the two big ones will be in my sights

I have a lot of debt, I have a large student loan to repay, as well as 5 lines of credit, one of which is not a card and is very small so I will not count it here. This goal will deal with my four credit cards.

I have already made some progress. I have closed one of my card accounts and am fairly close to having it paid off for good. I need to close down one of my other credit card accounts, and pay it off as well. And I also need to pay off the other two which I will keep open. The hardest part of this goal will be to stop using the two that I am keeping in the same way that I have been (carrying a balance, using them for things I don’t absolutely need).

I’ll track my progress here.

Credit cards paid off: 0/4

I paid my credit card bill earlier this month. Even so I am planning to put more down in a few days.

I’m almost there! I now have more than enough in my checking account to pay off my last remaining credit card.