Wednesday, March 26, 2008

CITI Payment

It's official, the CITI Premier Card balance is now at $9,088.84:

Our goal for April is to reduce this amount by another $1000, the goal for May is $7,000. As soon as the balance is close to $5,000 I can look for balance transfer offers and stop paying interest.


Tuesday, March 25, 2008

Balance Update March 2008

Balance update for March 2008:

Best Buy: $1,679.30
CITI Professional: $2,058.60
CITI Premier: $9,088.84

TOTAL: $12,826.74

Most of the progress this month went to CITI Premier Card. We paid the balance down by $2000 dollars! What a feeling, part of me feels like we could have saved $2000 and part of me knows that this is money we spent in the past and now is the time to pay it off.

April will not be an aggressive month, my wife has a trip for spring break with her friends so instead of adding to the debt I’m going to reduce the snowball by $500 and only pay $1000 to debts, most of it going to CITI Premier. I plan to make May an aggressive month and pay off CITI Professional using the government tax rebates. According to the IRS web site we should have the money in our account by May 9. It will be a great feeling to have two accounts remaining for pay off.

Thanks everyone for your comments and advice.


Saturday, March 22, 2008

Payment Received

The payment for Roomstore credit account cleared and I received a confirmation email:

That furniture sure feels a lot nicer to sit on now that its paid! Now we can concentrate our debt pay off on CITI and Best Buy. I still plan on making a $1000 payment to CITI next week. Check back in a few days for more updates.

I hope everyone has a great weekend.


Tuesday, March 18, 2008

CITI Professional

I went out last night and celebrated St. Patty's day, we had lots of green beer and great food. When the bill came I put it on my Professional card. What was I thinking? This morning I felt a little guilty so I decided to cut up my CITI Professional card, I will never use it again. This is what it looks like now:

It was only $79, not a lot of damage but I need to stop using credit in order to get out of debt!

I hope everyone had a great St. Patricks Day.


Monday, March 17, 2008

Roomstore Account

On advice from my readers, to both reduce my highest debt first and continue using the snowball method, I've decided to pay off the Roomstore account:

I made a payment this morning for 549.50. It should clear tonight from my bank account. The balance is $0, so mentally this should help our debt payoff and we are still reducing CITI by $2000 this month.

Thanks everyone for your support and advice!

Come back later this week to check on the updated balances.


Wednesday, March 12, 2008

Progress on CITI!

The balance on my CITI card is now $10,088.84:

We are on track of meeting our goal of reducing this card by another $1000 this month.

I am also going to send $500 to my CITI Professional card.

I reduced my emergency fund to $600 to make all this happen.

I will post all the balances this coming weekend.


Friday, March 7, 2008

March 2008 CITI Balance

We got a statement from CITI, here is the balance for March:

The balance went up by $105 dollars... I love interest!

The goal is to pay $2000 in March to this account. I've decided to ignore my Best Buy account for now and concentrate on both CITI cards this month. Next month I plan to pay off the furniture and keep the focus on CITI. I plan to pay off this balance ASAP so reducing this debt to $9088 will give me a lot of progress both financially and mentally. The ultimate goal is to have this account down to $8,100 by mid April.

Wish me luck...