It’s time for the credit card debt report for this month. Last month I mentioned that I had to buy a new used card since my 94 Camry was on its last leg. I went ahead and found a good deal on an 05 Camry for $11,000 of which I paid $3000 cash from a whole life insurance policy I have and borrowed the rest from my credit union at a rate of 5.4% for 4 years.
So add that debt now to my list. Oh joy. And also last month I talked about having to pay almost $7,000 in taxes. Now that number is almost $9,000. Yikes! Guess I’ll be making monthly payments to the IRS for years to come too. I have $2,000 in savings I can make for my first payment on April 15th, tax day, and then start making payments. Lesson learned from all this is that if you are self employed, you have to make quarterly payments to the tax man.
All that said, here is my credit card debt report for the month of April 2009:
Bank Of America: $15,643.42
Discover Card: $9,167.42
AT&T Universal Card: $8,796.74
Total credit card debt as of April 4th, 2009: $48064.93
Total credit card debt as of March 2009: $49,186.32
Difference of $1121.39, did better than last month where balances only went down about $700.
Total credit card debt started with: $62124 Feb 2008
Total credit card debt paid off: $14,059.
My monthly income for the month of March was just a hair under $5,000 and my expenses were about $4,200. That leaves me with a small margin of about $800 to help pay down debt. I liked Jan better when my income was over $7,000.
I’ll keep working on building out new domains, promoting the ones I already have and just getting more content out there to generate more income so I can pay off my credit card debt and get my own house.
That’s all for now.
Thanks for reading,
The Credit Blogger
P.S. There’s a new debt book on late night TV called Debt Rescue, it looks eerily similar to Debt Cures because it talks about how you can eliminate debt overnight and how you can get free money from the government. I’ll try and do a review of it when I get my copy.