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. :)