Monday, July 19, 2010

July 2010 Net Worth - Negative!

My July 2010 net worth is depressing but this is where I will start over again. Mainly, it is due to the loss in the house value that is putting me in the negative territory.

The Chase credit card balance (nearly $6,000) is currently at a 0% interest rate for new charges and balance transfers. I am currently paying the minimum monthly payments in the $100+ range.

However, the $600+ balance carried by my long time Credit Card company of choice, Citicards, is now at a 20% interest rate.  I had never been late on any payments since I've held the card. Once I payoff the remaining amount of this Citicard, I will not use this anymore. If I do use it for emergencies (car, medical, etc.), I aim to pay it off before the billing cycle is completed.

With the extra paycheck I'll be receiving this month, I am to pay off the remaining Citicard balance and save the rest of the paycheck. August 2010 will have a little boost and edge it closer to the black territory.

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