Tuesday, December 30, 2008

Debt List


So a bit late, but here is the grand tally of all my credit card debts in order of highest interest to lowest interest:

Citibank #1 - $1,130.00 @ 12.99% (Fixed)
Chase - $5,260 @ .99% (Ends 03/31/08)
Citibank #2- $4,700 @ 0% (Ends 03/31/08)
Discover- $3,900 @ 0% (Ends 03/31/08)

And my student loan:

Stafford- $6,833.53 @ 4.625% (Fixed)

Total debt: $21,823.53

My goal is to pay off the credit cards in 2009 since the student loan is still somewhat tax deductible (not to mention a very low fixed rate!). So the debt I'm looking to pay off is $14,990. Although it might be a bit of a stretch, I'm going to attempt to pay off 1/2 of this by end of 2009. I think I can do it, it's a matter of discipline!

Goal #1 - Pay off Citibank Card #1. I will be receiving my yearly bonus in mid january. With this bonus, I'll be able to pay this off, and have money left over. The remaining bonus will be used to build up my emergency fund and start paying down the Chase card.

That's it for now. Have a great new year, and here's to a debt free 2009!

Monday, December 15, 2008

New Years Resolution 2009 - Zero Debt

We are just 17 days away until the new year. This year has gone by so quickly! As I get older, the days seems to get faster.

So, in going over my new years resolution, I've decided on 2 things I want to concentrate on: 1. Lose 30 pounds 2. Pay off my debts.

1. It was years ago when I was wrestling at a weight of 160. Although that was a bit heavy (I am 5'7") I've always been a stocky guy. But now, at 210, I want to drop to at least 180. Hopefully, this year, i'll hit that goal.

2. Boy, where do I start? Let's just say I have lots of it, and I am determined to pay it off in a couple of years. The embarrassing part? I work in the financial world, I should know better. Trying to keep up with the Joneses, I got in some deep waters with debt. Now it's time to pay up and quickly. As such, I will keep anonymous :)

This is where you come in. Help me to stay on track! I will be posting on a weekly basis my progress. I hope, with motivation from everyone, I'll be able to do this.

I will be posting my debts soon for all to see my shame!