Friday, August 12, 2011

Getting serious in swimming out of debt

If you really want to get out of debt, you have to be serious, really serious about swimming out of it.
I paid my credit card debt today. While on my way to the bank to pay, I was flip-flopping whether to pay it full or just pay enough and use the rest of the money for my upcoming company-sponsored vacation in Boracay.

My idea of a vacation in Boracay next week
I tell you, it was tempting to settle for the less. But because I am determined to wipe out my debt, I went in that bank resolved to pay the balance in full.

If you notice in my statement, there are many charges with the plus (+) sign on it. The Finance Charge, Fees/Other Debits, and Late Charges. the only Negative (-) is the Payments/Other Credits. I want to be in the negative more often.
The figures with red circles are the plus (+) entries

The Plus (+) signs adds to my debts. I used to pay only the  minimal amount called "Minimum Payment", which the company normally suggest you do. With that act, I had and accumulated "entries" in the plus (+) boxes. Adding all the plus (+) amounts since I started using my card, I'd say it cost me a lot, lots of money.

There is really wisdom in paying the full amount and on time. It is a source of additional money that will help you swim out of debt. Be serious and stay focus.

To your debt-free life,

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