As I alluded to in my final August Update post, I am planning on shifting my debt reduction strategy. I want to keep the same intensity (or increase it), but I found something out through the house deal that I didn’t realize. Typically, credit cards report the minimum payment to the credit reporting agencies as the “monthly debt obligation”, but American Express doesn’t do that. In fact, it looks like they report about twice the minimum payment. So, in an effort to keep up the progress I’m making, but multiply the effect, I’ve decided to shift my efforts to the other credit card.
So, starting out September with $7,112.07 on my American Express, I want to drop that amount to an even $4,600, or by $2,512.07. (I’m attempting to get the card lower than my other one) There are only four Thursdays in the month of September, so my goal is pretty aggressive, especially considering that I don’t have any extra consulting work coming in, at least, that I know of. My wife is looking for some extra work, and I’ve started applying for night and weekend work to try and catch up, but that’s still over $80/day worth of debt reduction, more than I’ve ever been able to do before. I also don’t have the Revolution Money Exchange or any other “hidden” pockets of money where I can make up for lost time.
I’ll continue to provide weekly updates on our progress, and we’ll see just how far we can get!
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