No, not talking about politics here. I get enough of that in DC just be living here.
I’m talking about my credit cards and this year’s goals. The bathroom renovation was a major setback for me. But I ran some numbers and I’m *slightly* better off than I initially reported on my Net Worth IQ graph ($200, not enough to change the graph really.)
I knew deep down that the main thing for me is that I can pay installment credit off very well. My problem is the revolving credit. I use one credit card regularly. The other one is a balance transfer card and sits in my desk. It’s never been swiped, ever. So while I’m great at paying off the balance transfer card’s mega balance, the smaller balance on my revolving card never seems to disappear completely. I have some regular subscription charges that go on it, but that’s not really why. On a day to day basis, it’s the card I use for regular purchases, like books or clothes. One thing I learned from one of my girlfriends is never to buy food on credit. Thus I also never purchase gas on credit either. (Too bad I only learned that since I started blogging.) All consumable items are paid in cash or debit. This strategy has definitely helped, but I need something more.
I need patience.
I figured I can pay everything off, but I also figured out it will take me about 2 years. And I’m REALLY impatient. I have no windfalls coming towards me. I have two CD’s about to expire that will cover about 2/3rds of the balance on the small card, and then I can put that one away by October or November.
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{ 2 comments… read them below or add one }
The consumable rule sounds like an excellent one. Patience…well that’s a bit harder to acquire.
Could you not just stop using that card? I guess if the revolving balance doesn’t go down then it would force you to spend less. That’s not necessarily a bad thing, but it’s easier said than done.