Today is the day of reckoning. I finally decided to sit down and add up the balances on my four major credit cards.
Card 1 $5,192.24
Card 2 $3,325.37
Card 3 $2,595.32
Card 4 $3,300.00
The balances are not a surprise. However, the thought that my credit card debt was under control is now out the window. Writing things down really brings them into perspective. The number in my head was a grand total of $9,000. Without summing up my balances, it is clear that my 'head' number was off by a few grand. At the time $9,000 just seemed like a manageable number. I have no clue why!
What is my plan of action?
Card 4 has to be paid off by September because it is a 0% rate that ends in September. After I tackle card 4 then I will tackle card 3. The debt reduction plan is paying down the smallest balance first. This will give me a morale boost.