Wednesday, May 21, 2008

Blue From American Express

So I went to see what all I charged on my business trip, not bad, only $758 dollars. Most of it will be expensed to the company. A lot of the charges are for food and gas. The company gives me a cash allowance of $50 dollars a day for meals and they also pay for gas. A couple of hundred of those charges are personal entertainment, like going to bars and clubs. I will probably have the company pay for the entire bill. You want me to work out of town; you need to entertain me LOL.

AMEX should not have an impact on my debt payoff. The balance will be paid off completely the first week of June. I will continue to pay CITI and Best Buy. Lately I’ve been dreaming about having just one payment per month for credit so I think I’m ready to pay off the Professional balance next month. Best Buy can probably wait a few more months since it has 0 interest for 3 years.

I will try to post all the updated balances this weekend.


Friday, May 16, 2008

AWOL and Balance Updates

I apologize for the lack of updates in the past few days but I’ve been out of town for business. I applied $1000 of the IRS stimulus rebate check to the balance on our CITI PremierPass Card. The good news! that balance is down to $6,461.81. The original plan was to apply it to CITI Professional card but I changed my mind at the last minute and decided this will help lower the interest charge next month on the highest balance. I don’t really follow any method for getting out of debt so this is OK. I know Dave Ramsey followers would never apply a debt payment to the highest balance, I say do whatever works best for getting out of debt.

As some of you might remember, the spouse and I currently have over 20 credit card accounts. This week I used my American Express Blue card for all my work expenses. Somehow other charges like shopping and entertainment went on that card. I believe I charged well over $700 over the last 4 days. I also used my Amex Corporate card for all my hotel expenses. The goal for June is to get these American Express accounts back to $0.00 and continue to reduce the CITI Premier Pass card. Best Buy and CITI Professional will have to wait until July or August for those balances to go down.

I hope to get rid of all this old credit card debt before this year is over. It would be nice to be able to use a credit card and pay the full balance due every month.

Let me know what you think, share some thoughts with me.


Saturday, May 10, 2008

IRS Rebate

We received our economic stimulus package rebate! I checked our bank account this morning and it showed a 1200 dollar credit from U.S. Treasury. I think looking at 12 Benjamins will help me realize how much money this is:

WOW! I wish I could keep all 1200 to myself, instead we are going to pay CITI $1000 and the spouse wants $200 to book a summer vacation.

Thanks Uncle Sam!

Wednesday, May 7, 2008

May 2008 CITI Balance

The current balance on our CITI Premier Pass Card for May is $7,461.81. We made a lot of progress last month, but not enough. The goal is to reduce this balance down to $6,461.81 before June. On a positive note, the interest rate on this card continues to go down, it is now 10.990%. The finance charge this month was $84.03.

Our plan is to continue to pay off the highest balance and continue making the minimum payment on Best Buy. The CITI professional card should down to $1000 this month, thanks to the government rebates coming sometime in May.

I hate credit card debt…