The current balance in our CITI credit card is $11,787. We paid $800 dollars to this account in November. I am still not happy; we are not even under 10,000 yet. Patience is key, this is what I keep telling myself every day.
There’s been a lot of progress on this card, I looked up statements dating back to last April and we used to make huge payments on this account only to turn around and use the card again. Around April or May the balance was close to $14,980, our credit line is only $15,000, imagine how much of that interest I get charged, the rate is 14.40. We also had other credit cards so our total debt 8 months ago was probably close to $18,000.
For December we are planning on paying double the minimum payment so it will probably be around 400 dollars. I would like to add more cash to our emergency savings to avoid using credit cards in 2008. We also have to purchase Christmas gifts and my wife needs some money for her vacation the week before Christmas.
Our plan for 2008 is to make $1,500 dollar payments every month. Around June I plan on making one final payment and be done with this card, I am tire of CITI!
6 comments:
Good luck!
I too suffer from making payments on my credit cards only to turn around and use them again in an "emergency".
I need to work on an EF too. I just feel bad socking away money for an EF when it could go towards debt. That's a tough pill to swallow for me...one I'm going to have to choke down a few times and maybe it'll get easier!
Have a good week!
Hey, good luck.
Check out the free webcast of the Dave Ramsey show, especially Debt-Free Friday. 2-5PM live, Mon-Fri. I find it has really gotten me fired up about saving money. (www.daveramsey.com) Btw, I'm not a Christian, and neither is my wife (she's Jewish) but we love the Total Money Makeover anyway.
It's good that you're getting rid of your Shitibank card. We have done the same. Shiti is in major financial trouble right now. They've cut cash back on their cards and they've been lowering people's credit limits and raising interest rates. Beware!
(If I were you, I might even look into transferring balance onto a card from another bank, if at all possible.)
I paid off all of my student loan debt this fall. Get this: my net worth actually went UP, AND I have a home downpayment fund now. Going on a written budget REALLY helped. I used to use pay yourself first and give myself an allowance, but actually using a budget seems to work wonders. I don't know why ... but it's cool.
Good man! The neo-cons want to make financial slaves out of all of us. Don't let them get away with it.
Ahhh yes, I too owe Citibank a fortune!! I think my original Citibank debt was over $16k. I've got it down to a little over $10k but man I can't wait to get it down to $9k! Of course, I would like to see it ALL washed away, but in due time, i guess!
Has anyone here just considered Debt settlement for all their unsecured loans? I mean get rid of your debt for what 50% and then work on bettering yourselves from there. And be done with all the wasted time.With all the debt you have I'm sure you've already paid for what you've purchased. Now they're just killing you for the ever so building interest.
Love your blog. Great way to combat the problem is to get it in writing and look at it daily.
Have you checked out an Advanta Card. They are agressive and offer 2.99 fixed on bal transfers.
This has worked well for my wife and I. Good Luck!
Could also consider www.fundable.com to see if others want to help you zap the debt. It's not likely though unless you have a rich relative or something.
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