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Sunday, September 22, 2013

A 3 years plan to pay off some debt of mine. Have you said boring? Oh yeah it is!!!!

Its been a quiet weekend for may reasons. And I finish it at the same weight it got started. So no weight loss this weekend, but at least I am stable. I eat a complete meal yesterday for dinner, and I also eat a small, but probably very high in calories, piece of cake in the afternoon. I cheat on my diet, but I haven't gain any weight. That was a short one!

Want to know why nothing much happen this weekend? Well, its quite simple. I rank up to $734.84 on my BMO MasterCard! But its true that I bought some clothes on that amount. Anyway, don't worry, I am now leaving my credit card home and I barely have $40 left in my pockets. I have everything I need for at least 10 days I guess. I am taking a few days off in the beginning of October. I plan to be really careful with my spending until that time. I am going home in New Brunswick. I will have a $100-$125 to pay for my bus tickets. I will bring $200 cash with me, I don't plan to spend more than that. So it make an easy $325 right there. Once back in Montreal, I will try to live on $300 for the rest of the month.

With this last Friday pay I had just $480 left available to pay some debt. I left the $480 on my 9% credit line, before withdrawing a $60 for my personal needs. Money comes, and money goes.

The good thing is that I will be able to pay off my RBC credit line with next pay at the beginning of October. The amount is about $1 120. Once completed, I will put all my efforts at paying down my $8 320 credit line at 9%. I can have it clear off in 6 months if I am careful. And if Loblaw acquisition of Shoppers Drug Mart happen in February, it could be even sooner.

Next thing will be to pay off my American Express because the promotional interest rate will be ending on April 1st, 2014.

And after that, I will have my $5 000 credit line at 8.75% to pay off. That lead us to July 2014 if, of course, I stick to the plan.

And following July 2014, I would like to reduce my margin to 40k. That one going to be difficult. Its represent the amount of $14 000. That lead us to... April 2015.

It would be nice if I could respect that commitment and lower my debt while I still can. Its a 2-3 years plan on what my money life is going to be like. Very very boring, but I wish you'll continue to read anyway. I may proceed with an investment once in a while, cannot go through a few months without it.

8 comments:

Anonymous said...

You could always sell a few of your dead weight stocks to shorten the timeline...

Anonymous said...

buy some bb, guaranteed price at 9 dollar takeover

Anonymous said...

I still get 2.9% transfers from TD; why wouldn't they offer it to you. I just got one with my statement today again. Of course I don't use them because I always pay my credit card in full every month.

Anonymous said...

now's your chance buy some bb, $9 guaranteed

Anonymous said...

http://www.newswire.ca/en/releases/archive/September2013/24/c4087.html

very smart buy back on the cheap...

Anonymous said...

"Buy BB, guaranteed price"....you sure do know how to make me laugh! Tell you what, send me $5000 cash. I promise I will send it back to you in a week.

Sunny said...

I am not getting any promotion from TD Visa. I always paid on time. I had it for a very long time in my account, but its now no longer available.

I even check just now, and no promotion.

Anyway, this is not a too bad thing, its the kick in the butt I needed to pay off some debt.

I don't have any interest on BlackBerry.

agentfang said...

Would you guys please lay off on the BB? How many times do you have to repeat that?

Sunny, do you have a MBNA Mastercard? I have a 0% balance transfer for one year. It's good that you're planning on lowering your debt load. You still have a pretty big portfolio even after paying it off while most others have zilch.

 

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