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CC bills layout

March 7th, 2011 at 10:00 pm

1) AMEX: $2774.89 @ 13.24%
(This is a rewards card. I use it to buy groceries and pay some bills. I plan is to pay this card off and once it is paid off to use it to pay all the house bills and pay off the balance at the end of each month.)

2) CITI: $ 10,799.52 @ 9.9%
(This card is close and will stay that way once payed off. Right now I have $200 going towards it. In June I will be getting a bouns and it will be paid off.)

3) TSP Loan: $2283.28 @ 3%
( $54.89 is going towards this monthly. I am will be getting a promotion in June and my pay will increase by about $300. I plan on putting that extra pay towards this loan.)

My Plan:

AMEX should be paid off in about 6 months. That will free up about $410. By this time I should have gotten the $10k and paid off the CITI. This will free up $200. Then, this will free up a total of $610 to put towards the TSP Loan. This will lead to $910 going towards TSP: $610 from CITI and AMEX plus $300. By the end of this year I should be debt free. I'm so excited for next year. It will be a great feeling to start it off debt free.

Let me get your thoughts on my plan.

Posted in Credit Cards | 3 Comments »

3 Responses to “CC bills layout”

  1. creditcardfree Says:
    March 7th, 2011 at 10:22 pm 1299536572
    1299536572

    Great plan! Make sure you look at what brought you to so much credit card debt in the first place. Evaluate everything you spend money on, if it isn't a need consider stopping that expenditure to help pay off debt or keep you out of debt in the future.

  2. NJDebbie Says:
    March 7th, 2011 at 10:30 pm 1299537001
    1299537001

    I can't wait to cheer for you. For a very long time our family lived on one income and I feel that the key to our success was that we never incurred credit card debt and lived way below our means (like raising two children in a 900 sq. feet house). I know you can do it! Welcome; You are going to love it here!

  3. Ima saver Says:
    March 7th, 2011 at 10:50 pm 1299538231
    1299538231

    Welcome, glad you have joined us. I think you have a good plan!

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