ello-

Here it is May already and I wanted to talk about not paying off credit card debt for May 2009.  Why do I say not paying off debt? Well because I took a look at my numbers for this month and I barely paid off $130 this past month on my debt but still paid over $500 in interest charges.  So that kind of hurts.  But what can you expect when you buy a new Dell computer! And not just any Dell computer, an Optiplex business PC with a 22 inch monitor.  I bought the PC due to my old one slowing down and being really slow when I am trying to encode videos about products and services I am promoting.  So to be more productive and not wait 20 minutes for one video to encode, I bought a new one and can make twice as many movies in half the time.

I will get to deduct the cost of the PC as a business expense as I work for myself and use it for business purposes.

I don’t buy things like fancy TVs or designer clothes or any electronic devices.  I think of iPods and iPhones as cool luxuries but if they are not free I am not buying them.  The only reason I got a new cell phone was because it was free including shipping and handling.  I didn’t have to pay a thing for it.  It’s not the fanciest model out there but it gets the job done - it makes phone calls.

And this new PC was a necessity not a luxury since that is the determining factor on when you should buy something as I will be using it for business.

Now let’s take a look at my credit card debt for May 2009.

USAA $1813.58
Discover Card $9014.26
Chase Card $13372.85
AT&T Universal Card $8409.63
Bank Of America $15315.42

Total credit card debt as of May 1st, 2009: $47925.74

Total credit card debt as of April 4th, 2009: $48064.93

Difference of $139.19.

Total credit card debt started with: $62124 Feb 2008

Total credit card debt paid off: $14,198.26

And now let’s take  a look at my other debts.

$7712 IRS Tax Debt, paid off $1000.  Waiting to see if the IRS approves of my payment plan arrangements as I don’t have an extra 7 thousand dollars to pay this bill.

$7849.95 Auto Loan - Original balance $11,000.

And if I could ever remember my SallieMae username and password I would know the total amount of my student loans.  It’s around $38,000 give or take a few hundred.  And I’ve been paying on it since 2002 when I graduated and my original balance was $38,000 give or take a few hundred.  That’s what you get when you defer your student loans for 2 years.

Total debts: $100,947.69 give or take a few hundred.

Anyone want to lend me a hundred grand? That would really help my pay off my credit card debts and other debts. :o)

Thanks for reading,

Adam

The Credit Blogger