Great progress this month – line of credit paid in full!

February 20, 2010 at 5:18 pm (debt stats, garden, taxes)

Today I paid off my personal line of credit with a $1,000 payment!!! It was my highest interest rate debt at 10%. Now, I’m left with $29,582 in my SBA loan, which is at 5% and about $5800 on my US Bank card, currently at 0%. I’ve been very careful this month with spending, and I was lucky enough to have 2 very nice paychecks with a lot of overtime. Going forward, I will dedicate myself with sniper focus on my SBA. In a way it’s a nice feeling to know that you only have to concentrate on one debt. I don’t know how people with a gazillion cards do it. But then, in the past I’ve only had 2 credit cards at most at any one time (now I have 3 but that was just to get the 0% interest rates; I did it intentionally, never used them except as a way to reduce interest, and have been paying them back steadily).

I should be receiving my $792 back from the IRS by early March. I think I will put $300 into my emergency fund to top it off back to $1,000. The rest I’m debating throwing at the SBA debt, or possibly saving it for next month’s expenses. I will have a fairly large expense in the next 3 weeks; we are building raised garden beds and will have 6 cubic yards of compost/soil delivered, which should be about $240. Add in the purchase of fertilizer and soil ammendments (we will have a lot of growing space to deal with), I’ll say it will be $350-$400 that J and I will have to split. To add insult to injury, my next paycheck will be extremely tiny. Not only will it only be a measly 9 days, but due to a 3-day management seminar work is sending me to, I’m losing 2 days of OT – both days that I stay late to close the building – to the tune of about 4 hours. So this paycheck will be a full day and a half smaller than usual.

I also updated my mini-funds a few days ago. Overall, this has been a good month for progress, great for making up for the past 2 months of much more modest gains.



1 Comment

  1. Granulated Sugar : said,

    when i take personal loans i would sometimes make some of my properties as loan collaterials*;,

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