Credit Card Reality

A friend dropped around earlier today and we got to talking about my debts, It was the first time I had done any maths on the situation and the results quite surprised me.

I have a take home pay of around $3000 a month, I pay rent of $920 a month, I make repayments for credit card debt of $840 a month. The figure surprised me, I knew it was a lot but I had no idea it was that much. When I’ve got more time I’ll sit down and actually break down what I owe where and what plan on doing about fixing it.

But the first thing I plan to do is sell the shares I took a cash advance on my credit card for them, they went up for a little while and now they are down about 20% or $1000. I think I’m just going to have to wear the loss and reduce my debt.

However there’s a little catch with that, the shares were put into a trading halt on Friday pending an announcement. They expect to relist on Tuesday. Hopefully the announcement is good news and I’ll get some of that $1000 backs, it will all help pay off the credit cards.

Stay tuned while I work out more ways to reduce my credit card debt.