One of my 2010 resolutions is to pay off all my credit card debt. Since I announced it publicly on my blog, I figured it would useful to post actual amounts on the credit card at the end of the month to show progress. Not including store charge cards (Macy's, Nordstrom, etc.) that I pay off every month, I have four credit cards: three VISA and one AMEX. Only 2 cards have carry-over balances.
AirmilesVisa: $0 balance.
AmEx: $52 balance that will be paid in full on the monthly bill
BankVisa: $432 balance. Minimum payment: $15.00.
CUVisa: $5,294 balance. Minimum payment $106.00
Grand Total: $5,778 in credit card debt. Averaged over 12 months it is $482 additional per month I need to pay to completely eliminate the debt. Wow! Calculating the numbers makes it seem almost impossible.
Once my tax return arrives, the BankVisa card will be paid off and then closed. I feel conflicted about closing the AirmilesVisa even though it has a $0 balance. It has a longer tenure than the other credit cards and I'd rather not risk trashing my credit by closing the account. My thought is to keep it, use it occasionally, and pay off in full each time it is used. I do have a JCPenney card that I've had since I was 18. I don't use it that often, but maybe it is enough to help my credit score.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment