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Tuesday 9 October 2012

Mission: Zero Credit Card debt..yeaah!

Ohmigosh, I didn't realise how long it has been since my last post... really, what happened to Time??? Oh wait, don't answer that.. (k-drama, k-drama & Lee Jun-ki fever...huhu)...

Ahem.. Anyway, moving on..

At the start of every year, I would usually sit down & write out my new year's resolution or To Do List. You may wonder why I'm suddenly talking about this, I mean, it's not the end of the year nor is it the beginning of a new year. Well, as it turns out, I came across my list about a week ago hidden away in a Catch note file on my phone, huhu..


Item #1: Pay off all creadit card bills/debts

Yeah. Right. It's already October and my bills aren't getting any smaller *sigh* It was those series of unexpected expenses which totally threw me off budget. Once you've crossed the line and signed for more than you can pay in a month, your trouble begins. Yup. Take it from someone who has experienced it firsthand *gulp*. So, I've decided to take a major step - I'm taking a personal loan to pay it off, wheeee...

It probably sounds a bit odd - taking a debt to pay off another debt but if you think about it, most personal loans have an interest rate which is a LOT lower than credit card interest rates. Go have a look at your statements.. you'll agree with me then. 

If I take a loan big enough to clear off all of my outstanding balance (and whatever I plan to purchase within the next couple of months), I would be able to start afresh and only spend money which I have on hand (or, I know I will have by the time Pay Day arrives). 

I'd do the math here, but it might bore you. I'm pretty good at complexly weird only-I-can-understand-it math formulas..haha! 

In conclusion, *ahem again*, if you don't like the look of your credit card and bank statement balance, take action ASAP! The longer you put it off, the more tedious it would be to clear up the mess. Although I'm not exactly thrilled to be tied to a 2-year commitment, but I know this is a positive step for me. The loan isn't much, just enough to clear it all & save some. I'm a girl on a mission! lol.

Will let you know if my plan works after..umm..6 months? 1 year? Lol!

Wish me luck! 

xoxo~

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