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Thursday, December 27, 2007

Semi-Annual Bonus, CC Debt Snowball Update, and some other ish...

I got my semi-annual bonus. It was $3K which makes $7500 this year. After taxes I got $2020. I still have $400 of my Christmas bonus and the $300 that is available since I skipped my loan payment with my bank. That makes a total of $2700 available to do as I please.

And after much consideration I decided to go ahead and put ALL towards my credit card debt and not spend it on a trip to Hawaii like I originally planned.

JUST KIDDING!!!! I only considered the trip for like a second..........OK maybe like a full minute but ya girl ain't crazy. tee hee . *ahem*

Anyways. Here are the cards that will be paid off:

CREDIT CARD

BALANCE

Old Navy

$126.70

Avenue

$127.19

Providian

$173.24

Tire Kingdom

$669.90

Capital One

$727.23

Target

$953.55


I updated my CC Debt Payoff chart with my new balance. Check it out. Almost under $10K. I am so tempted to use my E-fund money and pay the balance down even more. But I won't.

On to other debt news.......

I closed my Office Depot credit card today. I paid off my Providian earlier this month and I will close that account next week. I will most likely wait until February to close the next set of accounts. Here is the breakdown of the credit cards I currently have and which ones I plan on keeping after I have paid off my cc debt:

Credit Card

Keep Card?

MBNA

Y

DISCOVER GAS

Y

DISCOVER

Y

TIRE KINGDOM

N

AVENUE

N

OFFICE DEPOT

N

PROVIDIAN

N

OLD NAVY

N

CAPITAL ONE

N

MACYS

Y

TARGET

N

CHASE

N

AMERICAN EXPRESS

Y


  • *MBNA and Discover are my oldest cards so I gotta keep those open. I don't plan on using either regularly though. I will use them once in a while in order to keep them active.
  • *The American Express is a business card so it is not tracked on my personal credit report. I plan on starting up my business in 2008 so it will come in handy. Only problem I have with it is the annual fee which was waived for the first year on the promotion I signed up under. Do all business cards have an annual fee?? If not I will look for something else. If so then I will just get rid of the AmEx. But since it has no balance and doesn't affect my credit report I see no problem in holding on to it for a while.
  • *I love me some Macys and I especially love the wonderful coupons I receive because I am a card member. And it is also one of my oldest cards (not as old as MBNA or Discover though). So I going to keep that.
  • *Finally, I am keeping the Discover Gas card because it has some awesome cash back incentives that none of my other cards carry. I will be using it regularly and paying it off each month. Also, the credit limit on that card is pretty high so that will add on to my ratio.

On to the real estate front.........

I am renigging on my decision to purchase my first home. I am putting that ish on hold YET again!! Why? Because, as much as I try to pretty it up, my current financial picture is straight shitty at the moment. I DO NOT want to become one of those folks out there who are knee deep in the foreclosure chaos going on right now. I don't know when I will be ready to go at it again but it definitely will be AFTER I get rid of this credit card debt. Once I get past that milestone, I will analyze my financial picture again and see how I stand. Until then I am chilling with a $650 monthly rent payment for my 1000 square foot 2 bedroom apartment with no one above or below me.


Wish List Update.......

I used the $33 I saved on Christmas budget to get a couple of things for myself. I bought a shredder for $14 at Biglots and the Transformers movie from Best Buy for $10. For Christmas I got all of Tyler Perry's plays on DVD and also his new movie, Why did I get Married?. I didn't ask any questions about that latter gift. It is better not to. LOL. I bought my sister's PC off of her for $100 bucks. She won the computer from the college she attends back in August. My brother accidentally downloaded a virus onto the computer and now it won't work. Her boyfriend bought her a new laptop for Christmas so I decided to take the desktop. I was able to reformat the hard drive and load Windows XP back on there and so now I have a back-up. And one my daughter can use to play her games on. :-D

Here is my updated list:
  • Camcorder
  • Living room set
  • Bedroom set for Dimples (mahogany/dark chocolate color)
  • Sleigh or Platform Bed (Dont know which one I want yet)
  • Shredder
    = $14
  • LCD TV - 20in
  • Bedroom set for Sweet Pea (lilac or periwinkle in color)
  • LCD TV 26in
  • Dining room table set (mahogany/dark chocolate)
  • Desktop computer (just the PC) = $100
  • projector
  • projector screen
  • Wolfgang Puck cookware set = $73.94
  • Microwave (black) = $0 (free)
  • Grill
  • Techie cell phone - Palm pilot or iPhone type
  • All Tyler Perry's Plays that are on DVD = $0
  • Transformers DVD = $10
  • Why Did I Get Married DVD = $0
  • Rolling File Cart = $8.56

Alright this post is starting to get real long. I'll end it here.

7 comments:

Jana said...

I also have a plan for a Hawaii trip... for like 2020! i get a bonus in july, and i hope i follow your style --- pay off the cc's.
hope you have a fun holiday!

Dimples said...

@ jana

Welcome chica! Mmm Hawaii.....yeah I plan on hitting them up.....but wayyy b4 2020. LOL. I definitely had a great holiday. I am back home now. I am childless and my bday is next Wednesday......lets just say momma is getting her groove back this weekend. :-D

SavingDiva said...

Congratulations on using your bonus wisely! Sounds like you really have your stuff together!

Single Ma said...

Yaaayy!! I'm so proud of you for paying off all those credit cards! Imagine how it'll feel when you pay off the rest of them. $10k can be gone in a year (hint, hint lol) with a Hawaiian vacation as your final reward. I can see you now. Imagine doing the hoola with a fruity drink in hand. :-)

Dimples said...

@ saving diva

Thank ya kindly. I am trying to get it together. :-)

@ single ma

Thanks chia! :-D It felt real good paying off the those 6. Real damn good!! 10K in a year?! I am going to attempt to do that in 9 months. LMAO. God got my back and I feel like 2008 is gonna a great year for me on many different levels. Imagining hoola, fruity drink, and white beaches right now.......mmmhmm.

Dream said...

I bet it does feel good to knock off 6 cards at once. Good job girlie!

Tired of being broke said...

Great job on using that bonus wisely. The Hawaii trip would have been nice but the debt would have been there when you got back.

You are so right on the housing front with the foreclosures. I think waiting it out a bit is a smart decision. It is so sad seeing all these people loose their homes.