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Interest Sucks!

April 10th, 2018 at 07:30 am

One thing I hate about debt and that is interest, 🤦🏾‍♀️.

Pay day is Friday and the new Target statement just hit today, new balance $308.48. I didn't update my side bar, because I'm paying this sucker off first thing Friday morning. That puts me at five more credit cards 💳to go.

I was so upset and embarrassed that I had that many credit cards, then one day I read a Facebook post that someone had 32. I couldn't even imagine having that many, ugh! I'll take my ten any day over 32.

So once this card is paid off, that should free up about $350 a month. Not bad, with this extra money, I should be able to knock CC5 in about five pay periods, that means she'll be paid off by the end of the third quarter. I'm pleased because one of my goals was to pay off a CC each quarter, 4 for the year and I'm on track. Honestly, just thinking about it, I should be able to knock this baby out in 4 periods (August of 2018), the sooner the better.

Hopefully the house will sell and I can pay off CC6, CC7 and CC8. I'm going to fully fund my EF, the job is too unstable for me not to have 6 months worth of expenses saved. That's one of the reasons I put money towards BS1, even if it's $20.

Posted in Debt, Goals | 3 Comments »

3 Responses to “Interest Sucks!”

  1. creditcardfree Says:
    April 10th, 2018 at 11:25 am 1523359533
    1523359533

    Yes, interest on debt is the biggest reason to hate debt, because it just keeps adding to your original cost. Buying something on sale and then charging it to a credit card that you pay interest on isn't really saving in the long run! But you will love interest once you have savings earning it (although rates are much lower than on debt).

    P.S. Love that you referred to your Target card as a 'she'. Smile

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    April 11th, 2018 at 06:58 am 1523429935
    1523429935

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  3. rob62521 Says:
    April 11th, 2018 at 03:56 pm 1523462193
    1523462193

    Good for you, Amber! You are chipping away at your debt as well as planning for what could happen. Years ago when I was teaching, we had Ruby Payne Training. Ruby Payne was about teaching children in poverty and how their mindset is different from those with middle class values. One of the things that was related was how people in poverty live for now. If they get any extra money they treat themselves because they live for today. People who are middle class or even rich realize that you must put money aside for those things that might crop up and delay your gratification in order to have that emergency fund and retirement fund.

    As for all those credit cards...we have a friend who had 41 of them. We thought he was crazy and I think it has come back to bite him since he was really worried about getting a car loan a few years ago -- too much outstanding credit possibilities.

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