Not much movement on the bottom line so far this month.
Lots of movement within though, as I’ve been moving money over to my checking account from credit cards and my ING Direct account to pay the last two-thirds of the home renovation that should be complete over the next couple of weeks.
That’s when the bottom will fall out and I’ll be right back where I was in January 2007 hovering around a net worth of $50k and carrying a lot of credit card debt.
The difference this time? I have a nicer house, I have a savings account generating interest, AND, best of all, all of the credit card debt is at a low rate.
Though it’s now very unlikely that I’ll reach my 2007 goal, I’m still feeling pretty confident.
Back in September of 2004, my various credit card balances put together topped out at over $26k. And all of it was sitting there at 15.99% or higher. Oddly enough, I was never in a panic mode.
The situation I’ll find myself in later this month is nothing compared to that. My income has increased a bit since 2004 and my expenses have definitely decreased since 2004. (Oh, and have I mentioned that I own my own plane now too?)
This time, I should be able to chop the balance down over a few months, rather than a few years.
Just a bump in the road.