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Wednesday, January 15, 2014

Paying down my BMO credit line debt

Once you have your idea fix and that you really want to pay your debt life became extremely hard. Very very hard, because the only thing you want have that is to pay your debt as quickly as possible. But paying debt require a lot of money and once you say money you say time, because you have to wait for the next paycheck... or the next dividend payment.

And surprise! I have update my dividend income and so far for January, I am at $745, and that being in my non-registered account only. In total its $1 556 I had transferred over my BMO credit line. I am currently waiting for a $600 check regarding my self-employed work. I think I may be able to pay off my credit line by the end of February, beginning March - maybe.

My BMO credit line is now down to $3 244. My American Express had been paid off. To pay off completely the line, my CIBC Visa and student loan, I need $10 925.54. Quite a lot of money. See this is why paying debt is soo hard because pay check after pay check, you know exactly where your money will go. There is no freedom. This is why paying debt is so hard.

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