Sunday, November 8

Assessing my Credit Card Debt

As I mentioned yesterday, my top priority is paying down my credit cards. These were under control until I had to access some cash advances to purchase Rental Property #7. Before, I had just over $23,000 in credit card debt at less than 4% interest. This represented a "balance transfer" check I wrote to myself a couple years ago in order to buy and rehab a rental property.

Total Credit Card Debt: $38,246

My Plan to Pay it Off: I would like to reduce this amount by $1,500 per month. I will use all available rental income and mystery shopping income (after paying other required bills such as mortgages and utilities). I will also explore selling personal belongings. I don't have much to sell (I sold my living room furniture last month), but will brainstorm on how I can monetize even more of my possessions.

Note: I also took out a Prosper loan to purchase Rental Property #7. I don't want to track my payments here for privacy reasons, but the interest on it is fairly high, so I will also be working towards paying it off as fast as possible.

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