My State Of Debt: First Report
The good news:
This is my first report on the status of my debt and net worth since I started my debt blog. The good news is that because of my recent investment my net worth improved by $846.41 down to minus $17,096.00.
The bad news:
Because I didn’t pay one of my credit cards this month, due to a balance transfer I wrote about previously, my credit card debt actually went up $164.70, to $20,987.65.
How come my credit card debt actually went up? Because I only made the minimum payment due on the other two cards and, of course, the high interest charges on two of those cards doesn’t help either.
In about 6 months, when the investment that I made matures to the level I want, it will start to generate passive income on a monthly basis. This income will be used to help me craft a bigger budget for paying down my credit cards. Hopefully sooner than the two-years goal I gave myself.
I posted previously that because of the investment I just made that I might not be able to pay the $1,000 I budgeted monthly for credit card payments in July. Well, I took a look at the numbers again, and I just might be able to pay that much in July. I am keeping my fingers crossed.
Wish me collective luck! I am going to need it. :)
