My Journey From Debt

Well, even though last week was payday, I’m going to have to wait until next week to pay all of my bills, and hopefully I will get enough from my part-time and side incomes to be able to pay them all.

Unfortunately, I’m not going to be able to pay my mom back the $300 right now like I had originally hoped, but perhaps I can use my income tax return to do that…

When I sat down to pay my bills just a little while ago, I had $575.86 available in my checking account and after paying bills, I am giving myself $50.86 until payday. I am paying the following bills today:

$225.00 - Credit Card 2 - Amount Due $219.50
$100.00 – Revolving Credit Account – Amount Due $85.00
$200.00 – Store Credit 2 – Amount Due $10.00

After this, my “Store Credit 2″ account should be paid off! I will still show a balance on the My Accounts Page due to my method for updating that page. As you may or may not recall, my method for updating that page uses the current balance as reported on my most recent statement updated at the time I pay my bills. This is done in the interest of both consistency and accuracy as things such as interest rates and fees may change from time to time making it difficult to predict exactly what the balance will be after making my payment. However, if my calculations are correct, I should be able to remove that entry when I get my next statement!

The issues I have been having with “Credit Card 2″ are causing me a bit of additional stress in that my minimum payment is now approximately twice what it was before. This means that even though I am freeing up some cash by getting that other account paid off, I still will not have any extra money above and beyond my normal payments until at least June.

I am noticing though that the minimum payment on my “Revolving Credit Account” has been decreasing at the rate of $2.00 per month by using my Rounding Up Method. Also, my minimum payments on my student loans seem to be decreasing as well, but you will be able to see that after I get paid next week.