I’m Decreasing My Credit Card Balance
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Debt reduction seems to be the hottest topic in personal finance. That is because it is one of the most difficult thing to do and debt is the easiest thing to accumulate.
The credit card is the prime tool for the submergence in debt for millions of Americans. Ever since, I’ve gotten my credit card, I have racked up a large balance from just the occasional spending on small purchases. Recently, it has caught my attention and has become a concern to my financial stability. Thus, I’m seeking to remove this debt soon.
From reading many other great personal finance blogs, I’ve looked into the many ways that people have successfully rid themselves of their credit card balances. I don’t want to transfer the balance to a new card nor would I want to cut up the card. So the most reasonable debt reduction method would be to pay more than just the minimum in multiple payments per billing cycle.
My credit card balance is currently around $900, which mostly went to my little side gig for making money. I just made payment for $300. In a few days, after Amazon.com transfers my money to my bank account, I’ll make another payment of $300.
Hopefully, I’ll have the balance close to nothing by the end of the summer because that’s when the promotional 0% APR offer would end. If I can prove to myself that I can stick to a plan for reducing my debt, I’d develop a good habit for paying back my college loans in the future.
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2 Comments on this post
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Laura said:
Hi,
I have visited your blog ( http://www.realmofprosperity.com ) and found a lot of interesting and useful information for me. I’m searching for advertising. Can I buy links on your pages? How much does it cost? Waiting for your soon reply. Thanks.July 3rd, 2008 at 3:49 am -
Paulineh said:
I got into a big credit card debt a few years ago and it kept on building slowly until I decided I had to do something to halt it and get it under control so I stopped using the card and started putting as much as I could afford to pay it off. It took me a year but I did it. You seem to have the same idea and I hope you get that balance down to nil soon.
September 26th, 2008 at 8:26 am








