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 
 


Comments

Sarah
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.

Reply
05/08/2017 3:10am

So, you've written that blog post. Now what? How to promote your blog post to get all the traffic you deserve for you hard work? Here are some vital steps yo can take.

Reply

Include in your diet things that contain more water like tomatoes and watermelons. These things contain 90 to 95 % water so that there is nothing that you have to lose by feasting on them. They fill you up without adding to the pounds.

Reply
05/14/2017 10:20am

Your resume is your tool for gaining that all important interview. Taking time to make your resume stand out is critical if you want to be in the running for getting an interview invite. This article seeks to examine some practical ways in which you can make your resume the most appealing, most interesting and outstanding document available.

Reply

Pizza hut is the international brand and lot of branches in all over the world. Children is like the burger, pizza and shawarma and eating any time. Nothing to reject this type of fast food.

Reply
03/16/2017 4:43am

With sincerity and admin of a site, take the time to present important information to the visitors.

Reply
03/16/2017 4:44am


Thanks for publishing this details. I simply wish to let you know that I just look into your site and also I locate it really fascinating and useful.

Reply
03/22/2017 12:41am

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

Reply
04/18/2017 5:52am

Content Writing Services are a good way to get your websites higher ranks. Good content is always appreciated!

Reply
04/20/2017 2:34pm

Buy Here Pay Here dealership web sites have different needs and requirements than a normal used car dealers. Here are 3 easy and inexpensive ways to increase your traffic to your site.

Reply

Do you have problems finishing projects or have trouble managing your valuable time? Be relaxed, because we all have the same problem you do, luckily there are simple solutions to become excellent at anything you do.

Reply
05/18/2017 10:15am

How to write the perfect blog post, now that's one awesome task! It's not like doing a tweet or a Facebook post, so I thought I should do some research. I am sure we would all love to have the "perfect" blog post - but how do you quantify what is perfect?

Reply
06/15/2017 10:12am

I really like this and i look for more info as i do affordable papers and essays online. Thanks as we look more on this topic.

Reply
06/26/2017 6:51am

Finding the job in business that is a good fit for your skills in these days can be tough. A slow job market and recent economic troubles have piled the job applications and resumes up in almost every human resources department.

Reply
06/27/2017 12:38pm

Do you find it challenging to come up with great guest and blog post ideas? For many bloggers and content marketers, this is the case. If they don't get good ideas they won't create good - or any - content.

Reply
07/31/2017 5:16am

I think this is an informative post and it is very useful and knowledgeable. therefore. I would like to thank you for the efforts you have made in writing this article.

Reply
08/02/2017 2:41am

Thank you for an additional great post. Exactly where else could anybody get that kind of facts in this kind of a ideal way of writing? I have a presentation next week, and I’m around the appear for this kind of data.

Reply
08/02/2017 4:37am

Thanks for sharing this quality information with us. I really enjoyed reading. Will surely going to share this URL with my friends.

Reply
08/03/2017 2:06am

Nice post mate. keep up the great work. just shared this with my friendz

Reply
08/06/2017 2:19am

Wow. cool post. I’d like to write like this too – taking time and real hard work to make a great article… but I put things off too much and never seem to get started. Thanks though.

Reply
08/09/2017 2:22am

Thanks for another wonderful post. Where else could anybody get that type of info in such an ideal way of writing?

Reply
08/12/2017 3:17am

Someone Sometimes with visits your blog regularly and recommended it in my experience to read as well. The way of writing is excellent and also the content is top-notch. Thanks for that insight you provide the readers!

Reply
08/13/2017 1:14am

Great post. you have pointed out some excellent points. I as well believe this is a very superb website.

Reply
08/15/2017 2:59am

Merely a smiling visitant here to share the love (:. btw outstanding style.

Reply
08/16/2017 2:47am

i read a lot of stuff and i found that the way of writing to clearifing that exactly want to say was very good so i am impressed and ilike to come again in future..

Reply
08/17/2017 3:05am

I admire this article for the well-researched content and excellent wording. I got so involved in this material that I couldn’t stop reading. I am impressed with your work and skill. Thank you so much.

Reply
08/18/2017 11:57pm

So luck to come across your excellent blog. Your blog brings me a great deal of fun.. Good luck with the site.

Reply
08/19/2017 2:38am

This is a brilliant blog! I'm very happy with the comments!..

Reply

I recently came across your blog and have been reading along. I thought I would leave my first comment. I don’t know what to say except that I have enjoyed reading. Nice blog, I will keep visiting this blog very often.

Reply
08/22/2017 3:30am

It’s appropriate time to make some plans for the future and it is time to be happy. I have read this post and if I could I wish to suggest you few interesting things or advice. Perhaps you could write next articles referring to this article. I desire to read even more things about it!

Reply
08/22/2017 4:09am

Great post full of useful tips! My site is fairly new and I am also having a hard time getting my readers to leave comments. Analytics shows they are coming to the site but I have a feeling “nobody wants to be first”.

Reply
08/22/2017 4:31am

I think this is a really good article. You make this information interesting and engaging. You give readers a lot to think about and I appreciate that kind of writing.

Reply



Leave a Reply