Monday, October 5, 2009

My Debt Roundup - October 2009

Another month when I decreased my monthly debt; by $1,751. Now my current debt is $24,414. The major reduction came when I paid off one of my credit cards with the balance of $1,816 ("Yes I can"). Even paying off one of the credit cards with a minor balance felt liberating and quite encouraging. Hope! I can endure same attitude while paying off my other big plastics.

In bar diagram above, I  simulated a simple estimation of how long it will take me to pay off my debt. Assuming no major change in expense or income, it will take me at least 16 more months to pay off my debt at this rate. For me an ambitious yet realistic goal would be to be debt free by the end of year 2010. I have already drastically cut costs for my daily expenses, so only thing I could do now is to get additional income. Any suggestions?

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  1. That's very impressive, you chopped own one poisonous oak! Way to go!

  2. @John: Yes it feels good to chop off one credit card from the list.

  3. Have you thought about writing personal finance article for extra money? BrightHub, Associated Content, and Constant Content are all good places to publish....

  4. @HallyZ: I looked at the BrightHub, Associated Content, and Constant Content. The links are helpful. Thanks.