Charge Account: Plan to Pay It Off

Laurie Childree By Laurie Childree, 30th Oct 2015 | Follow this author | RSS Feed | Short URL http://nut.bz/2qp05y53/
Posted in Wikinut>Money>Credit Cards

In examining my personal debt, I have concluded that paying off a charge account that I do not need is the first step in relieving some stress.

Minimum Payment Math

The balance on the account I wish to pay off is currently $526.51 with a minimum payment of $30 each month. Interest is less than $1 month, which is rather low. Not counting interest at the minimum it'll take me at least eighteen months to pay off.

Hopefully
I am hoping to come up with $60 a month or double the minimum payment to help pay it off in less time. I am hoping to use writing income to pay on this account, even if it's just a few extra dollars per month.

Benefits of Paying It Off

The main benefit is that I can use that $30 a month for something else. And in six months of not paying $30 each month I'd have $180 set aside for something else.

Apply Elsewhere
The $30 can be applied to my credit card or any of my other debts. It will go a long way to paying them off faster. I can take a portion of that money and apply it to another expense while the remainder is left alone for a future date and time.

Corners to Cut

I will be lowering the light bill as part of the campaign to pay more on my charge account in the immediate future. Instead of spending a fortune in the washing machines I will be washing as much of my laundry by hand as I can in order to keep up with it and save that money.

Household items
I will be writing and using a portion of the proceeds to go to the Dollar Tree for some of my household items a couple times a month. A few trips with a goal of only spending $20 to $30 each month is what I hope to accomplish.

There are refills for my degreaser, and laundry detergent with fabric softener added that washes enough loads for a month for the two of us. $1 for laundry detergent is far less than I have been spending each month.

Gift Cards
I do various things online to earn gift cards. I will continue these activities since they are part of my routine. The gift cards are usually for Amazon, I attempt to save them up to purchase items that I need but can't afford out of pocket.

Conclusion

I hope to pay off my charge account in a maximum of nine months by finding a way to double the payment made each month. It is the first bill on my list of items to pay off and free up my finances.

Tags

Credit Cards, Debt, Debt Problems

Meet the author

author avatar Laurie Childree
I'm the single mother of an autistic child a published author. I have a wide range of topics that interest me including personal finance, writing, self employment and creative writing.

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Comments

author avatar brendamarie
30th Oct 2015 (#)

you have a great plan, I hope, everything goes well. Good Luck and God bless!!!

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author avatar Sivaramakrishnan A
1st Nov 2015 (#)

Interesting take, Laurie. Hope you hit the target faster!

Every cent counts. I have managed to live debt free most of my life - I find balance in not having debt but not much in the bank too! siva

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author avatar Fern Mc Costigan
3rd Nov 2015 (#)

Interesting post!

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author avatar Laurie Childree
3rd Nov 2015 (#)

I think that I can manage once I get in the habit of going to the store a few times a week instead of once a month.

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