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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: It's time. Date:  1/21/2019  12:36 PM
Author:  Walstib Number:  312362 of 312988

Wow! There are already some great replies here and they are much appreciated! I think you have a good idea re tracking expenses. This may take some time, but I am looking for ANY ways to free up extra cash to use as ammo.

AJ-We have continued to use credit cards for gasoline and for online purchases. That's it. I will no longer use the card at the pump and will go with cash instead. This won't curb the expense as it is a 'necessity' purchase, but it will make the use of a card more rare. We aren't the "shopping spree" type but we do buy online as a way of keeping expenses low. For example, I do our car maintenance and repairs. Most of the parts, filters, etc are bought online for less money. I use a CC for these purchases because I feel it is safer than a debit card. Would it be wise not to do this? I do see the value in keeping any CC purchase to a minimum to shorten the payoff.

You made a good point about the baby steps order of pay down, but I think mine happens to be in line with Dave's plan for the time being.

Here are the card stats and order I plan to pay them:

#1 $1283.76 at 17.44%

#2 $5630.63 at 17.49%

#3 $11336.57 at 13.99%

#4 $17697.63 at 13.99%

#5 $14838.00 at 0% temporarily

Monthly CC payments have averaged $1420 for the past 12 months. I expect to be able to add more cash to that number in 2019.

Thanks for the great advice so far!
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