May 2005 Status Report

Well it’s come to the end of the month again and it’s time to see how my credit card balances are going.

Gold Visa One
Balance $4,307 (last month$ 5,519)
Interest Paid $85
Payments Made $1340
Purchases Made $43 (car and contents insurance)

Gold Card Two
Balance $13,644 (last month $13,652)
Interest Paid $201
Payments Made $440
Purchases Made $229 (Business related expenses)

Standard Visa
Balance $2,761 (last month$2819)
Interest Paid $41
Payments Made $100
Purchases Made $Nil

Grand Totals
Balance (at the end of May) $20712
Total Interest Paid (for May) $327
Payments Made (during May) $1880
Purchases Made (during May) $272

So in summary I reduced my debt by a total of $1278 which isn’t too bad considering that’s more than two weeks pay that reduced from my credit cards. (and almost three weeks pay that I’ve made in payments.

Looking forward to the month of June, I have a couple of things that might upset my progress but I’ll write about them at another time. I know for sure that I won’t be paying as much as I did in May and it might even be possible that I don’t meet my goal of paying $1000 plus purchases each month.

But their are good things happening in the future (I’ll write about these another time), and the only negative thing effecting my ability to repay my credit cards is my flat mate moving out (maybe).

So overall I think I’m doing okay, credit cards be damned !