I set the goal of paying off two of my credit cards by December 31, 2009. Then I got to thinking, with a new (higher) interest rate how long will it take me to pay them off. According to the yahoo.com financial calculator it will take me 1.8 years to pay off my Amex and 9 months to pay off my Master Card. Not acceptable. But I have a plan.
I get paid every other week (as apposed to twice a month), because of this twice a year a get a check that I don't have to pay bills with. This check will come on January 30, 2009. Yeah!!!!! I am going to take that money and pay off my Master Card. And as we all know, January is when you can file you taxes. Thanks to the insane interest on my student loans I should get a decent refund. If I get what I got last year and use it toward my Amex along with my second "free check" that will take me from 1.8 years to pay the card off to 7 months. If nothing bad happens I can reach 1 of my goals by July 2009.
Not bad, not bad at all.