Debt Elimination
Posted on February 21, 2006 - Filed Under Business |
With the extra money from the refi, I’m going to eliminate my debt. This includes the credit card debt and the debt from the Dell POS that I financed.
It’s sad to say but I still carry some credit card debt. They are all below the 50% mark, thank goodness! But I’m still making monthly payments on them. This will help out my monthly cashflow dramatically. In addition, my credit score will definitely go up.
The timing on this is perfect because I’ve learned that Federal Legislation requires the minimum payment on credit cards to jump from 2% to 4%. For those that are paying $1,000+ a month in credit card bills, they are going to get nailed to the wall!
There’s even a bigger bright spot. The money I’m getting back from Uncle Sam is for my future real estate deal.
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