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Thursday, February 10, 2011

Dealing with debt: what I plan to do with my money next

Following the sell of Financial 15 Split Corp. (FTN) in the current stock market, I had taught about what do to next. I had something to care of: pay off some debt. I am now at something close to 65k... It's going up instead of going down... But that's something typical to my financial situation. For once, I am going to try to decrease my debt level. I do not want more than 60k on debt. It's a first take I am taking to pay off debt. I will concentrate my efforts on paying my 10 000$ line of credit that I hold at 7.27%.

I have sell stock online previously

On my recent sell of Sprott Inc. (SII), even after investing in 300 new stocks of Just energy, I was able to generate a gain of 259.32$. I use 240$ of that money to pay off part of the 10 000$ debt I have. I will also deposit tomorrow the amount of this paycheck I will be receiving tonight. Also, I plan to transfer 3 000$ from my margin account at 4.25% to the credit line. This will allow me to save 16.40$ per month. Not that much, but 16.40$ x 12 months = 196.80$... So that's interesting. I don't want to use too much of my margin account balance money at this time, that's why I am not looking to transfer more than 3 000$ for margin borrowing.

Also, another reason why I want to pay off some debt is that I have a credit card balance transfer of 7 966.23$ at 4.9% that is going to expire sometime in April 2011... It doesn't seem like it, but April is not too far away. So the money I save now may go on the payment of that debt if I cannot continue on the same rate on the credit card. At this time, I didn't receive any new credit cards with balance transfer offer. I received one of those once in a while. But from existing credit cards I hold, no new offer yet.

I may be able to save around 500$ to 600$ per month to pay on debt. As for now, I like my stock investment portfolio the way it is. I am pretty sure I won't invest again for the next couple of weeks but that of course could changed.

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