PicturePhoto by renjith krishnan from freedigitalphotos.net
Well finally getting the ball rolling on my new debt repayment strategy, which I believe I outlined briefly last week. This weekend was pretty freaky for me starting Friday with car troubles. Every delivery driver who provides their own vehicle's worst nightmare is car troubles. Fortunately it happened on a Friday, allowing me to take the vehicle in on my only day off, Saturday. The car repairs could have derailed my repayment plan, however God is gracious and let me off with a much smaller bill than I anticipated. 

The total repair bill came to $326, which I used my Firestone card on. My account with them allows me to defer interest for 6 months on repairs totaling more than $300. Combined with transferring $1,200 of the balance owed on my Firestone account, this left a total of $402 owed on it, $72 of which I'd be paying interest on. However, I just paid down $102 on that card and the rest is deferred until October, which will be completely paid off long before then. 

This move is the first major step in eliminating my high interest credit debts for the year. Over the month of May, I will be setting up my bank's bill pay to automatically pay down $400 on the balance transfer. Then, at the end of May, I'll be transferring another $1,000 from my final external credit account to the interest free promotional card I am using this year. These two balance transfers will save me approximately $500 in interest this year. The goal is to have the balance completely paid down by September by contributing approximately $600/month towards their repayment. This will be accomplished, as mentioned before by diverting a large part of my savings as well as the normal $200 I was already putting towards these accounts.

The medium term goal is to have absorbed all my 20%+ interest rate cards into the 0% balance card by September. This will lower my total interest payments significantly and free up a lot of cash to pay down debt. Then by December, my last credit card will be on the ropes if all goes well and I'll be focusing on stock piling cash to begin working on my line of credit and commence some serious saving/investing. 

To that end, I've been working on getting some odd jobs to earn extra cash. This will both help boost my ability to pay debts, but will help further diversify my income. I've been looking at writing jobs online as presently my income comes primarily from delivery driving. 

In any case, this is just an update on my progress towards debt elimination. :) I've managed to drop the total amount I pay interest on my $1,200 and looking to increasingly reduce it from there! Thanks for stopping in and stay posted for my May Budget! I know it is a bit late, but I finally have some free time today to sit down and pump it out. If I can get it finished before my evening shift tonight, I'll be uploading it. Otherwise, check back in tomorrow. :) 
 


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