Sorry for the lack of posts but in the last month I made a few changes in my life which were:
- quit my job
- moved to Chicago
- returned to school to pursue an M.S.
and all of the preparation for the above consumed my thoughts and left me unable to do much else except sit gazing blankly at my computer screen. But I made a chart today! a pathetic attempt to make up for lack of posts perhaps? ; )
Here is a chart comparing my January 2010 and January 2011 credit card debt:
As you can see I began 2010 with 9 credit cards and I rang in 2011 with 7 credit cards! ::Gleeful laughter::
Admittedly, only one of the cards I paid off was a large one but I believe in the debt snowball effect (pay off smallest balances first and apply extra $ towards the next smaller balance card next and so on).
Side story:
The funny part about the Mastercard I paid off last year (using my tax refund) was that 4 business days after my balance was $0, the account was closed by the bank! When I called to ask why (since I used my entire tax refund and didn't put any funds in savings (bad move!)) I was told the account had been closed because my credit report reflected high utilization of credit! I calmly explained I was aware of my appalling balance: available credit ration which was why I had paid the card off to help tilt the scale and asked if they could reopen the account. The end result? One less open account and a lifelong grudge towards Chase. Live and learn!
2010 monthly credit card payments: $494
2011 monthly credit card payments: $400
Small change but still a positive factor!
Hope everyone is having a fantastic year thus far! ::more gleeful laughter as tax refund deposit envisioned::