PicturePhoto by Stuart Miles on freedigitalphotos.net
Dun! Dun! Dun! Another one bites the dust!!! Today I had the extreme pleasure of completely annihilating one of my Lines of Credit. I was forced to draw on it a year and a half ago when my current employment failed to provide enough income to sustain me. Today, I have finally completely repaid the entire balance, unexpectedly realizing that I had enough to do so if I accessed my Short Term Savings account. 

Naturally I am quite thrilled about this surprise progress. I had worked the amount I owed down to $235 from about $1,200 at the start of the year. I went ahead and made it an even $200 today, and then happened to be studying my bank accounts when I noticed that my automatic savings transfer had occurred, transferring exactly $200 into my short term savings account. Rather than earn 0.25% interest, I figured I'd instead offset 21% interest by transferring the amount straight into my Line of Credit, thereby finally eliminating my third credit debt (the first two were my smallest credit card and a PayPal credit balance), second one for this year. 

I will now be fixing my sights onto the bill which in my budget is represented by the phrase "Car Payment". This is not actually a car payment in the traditional sense of the word. It is rather a credit card through Credit First who provides financing to the poor souls who cannot pay cash to have their car's repaired. This is actually an extremely critical account for me to pay off, given that my car is my primary income generator. While I am saving money in a savings account specifically devoted to the payment of car repairs, paying via the Credit First card provides an additional 5% discount, so the more liquidity I have on this account the better for any emergencies. I'll naturally continue building up the Car Savings fund so I can easily pay down the card each month, however in addition to this I'll be devoting the bulk of my extra cash towards payment on this bill.

Presently I have a $1,252.21 balance on this account. I currently make two monthly payments towards this amount, each at $75. In order to create a big enough snowball, I have not only increased these payments to $100 each (I was contributing a little more than $100 a month towards the Line of Credit I just paid off so this increase should be sustainable), as mentioned before I will also be diverting my usual $400 of monthly savings into paying down my line of credit. At this rate, I should have the Credit First Account paid off towards the end of June, contributing a minimum of $600/month. Given that I'll have 3 paychecks in June, this will allow me to make up the extra difference of any interest and the odd $52.21 extra.

This is, of course the human plan. I have no idea what will happen over the next couple months. Life is short and fragile and Lord willing, I won't have any accidents or get sick. Who knows what could happen. I just try to do what I can. :) Presently my budget is pretty bare bones. At the end of each month I am barely able to scrape together enough for rent, which I always find puzzling until I examine how much money I have been putting towards my debts, at which point it makes sense. 

In any case, I am extremely encouraged by my acceleration in paying down debt. Now that I've paid the taxes for this year, I can go ahead and begin throwing more cash at my credit cards. Total credit card debt is still sitting $21,425. I'll be dropping this amount below the $21,000 mark next month and, while I know I won't get it all paid off this year, I aim to do my best to eliminate all the higher interest accounts by December 31st. This would drop my total credit debt owed by a bit more than a third, setting up 2016 to be the year I pay down my formidable Premier Line of Credit. This will be a fair challenge as that account, costing me 11% interest presently is one of the keys to my rapid debt snowballing. I have been utilizing it to absorb some of the much higher interest cards, which halves the interest rate I am paying on many of them. I am excited for when I can finally devote a fully matured Debt Snowball exceeding $1,000/month towards the annihilation of this behemoth. 

I've calculated that once I've paid down all of my credit debt, my monthly living costs would be halved. At this point I'd either start investing quite aggressively, saving large amounts of money (for me) and, if by then I've figured out how to the whole options process works, "insuring" the shares of companies that I wish to purchase against loss for investors willing to pay a premium for security. In any case, one step at a time. I am getting ahead of myself. I am simply thrilled to be free one more debt. :D 


06/18/2015 11:24am

Way to go Dividend Pizza Guy! Once you get the snowball rolling it gets a little easier to pay debts off. Keep at it! Soon enough you'll be the one living and giving like no one else.

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I like feel myself free too! That's why I don't take credits at all!

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