Checked our UK credit card balance, and a payment hit: $215 went to principal (a little more than I expected).
That's $215 down, $3285 to go for August.
And $52,677 to go on my Big-Picture Goal.
This bodes very well for my getting the CC debt under $50K by the end of August!
I also got an unexpected boost when a friend was discussing removing the payment protection plan from a credit card. I realize we pay quite a bit--about US$131 per month--for payment protection on our UK mortgages. This made sense when NT wasn't sure when he'd be allowed to look for work or how long it would take him to find a job. But now, with a steady rental income and three full-time incomes, it's very unlikely we wouldn't be able to make the mortgage payments.
So today we canceled those protections. This means our rental income will now cover minimum payments, so that account will more or less take care of itself. I'm still going to make one more big transfer in August to take a bite out of the UK credit card as well as deposit some funds to cover upcoming expenses. But after that, we should be able to avoid transferring funds for awhile, maybe not until next year sometime! That will save $50+ per month just in wire transfer fees.
So starting in September I can concentrate on my own CC debt, which has a higher interest rate than NT's credit card. The only reason I tackled his first was to try and get the payment down to where I didn't have to transfer money just to cover the minimum, and with canceling the protection plan we've accomplished that.
First step toward August goal, other news
July 26th, 2008 at 10:55 pm
July 26th, 2008 at 11:11 pm 1217113877
You'll bring your CC balance down and get to your Big Picture Goal a lot faster now that you aren't paying $50 each time you try to pay something!
July 27th, 2008 at 04:02 am 1217131344
July 27th, 2008 at 04:35 am 1217133351