Friday, December 28, 2007

My One And Only Goal For 2008

I see a lot of goals for the New Year on the blogs I read. I guess I have to to post my own. I don’t want to lose weight or make a million dollars or quit drinking, my only goal for 2008 is get rid of the CITI balance. I hate this balance, why in the world is my credit limit $17, 7800 dollars? I am too young to have a credit line that high. No one should have that much credit available to them on one card. I can purchase a car with this credit card!!! Someone should be fired at CITI!

For years It feels like I’ve been winning all the battles against credit cards, paying them on time, getting rewards, free travel, cash back etc. but it looks like CITI won the war. I pay around $140 on interest every month. That really hurts. I can’t continue to have this balance hanging around; it is time to pay this off. We came up with a simple plan, to pay $1000 dollars a month until it’s paid off. It could take 12 months but my goal is to never miss that payment amount.

So, again, my only goal for 2008 is to pay off $11,660.00 balance with CITI. Happy 2008 everyone! Come back and check on my progress next year and remind me how much I hate this card.

Sunday, December 2, 2007

CITI Balance

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!