9/2009 Credit Card Debt
Check out my credit card balance! I decided to pay off more than normal this month and paid off a total of $1,500 of credit card debt yesterday. These payments are for the statement I just received so this is actually my balance for October. Who would have ever thought I’d actually be excited about paying off credit card debt?
I’m so close to being back in the $20,000’s. I’m really tempted to make another $700 payment on my Citibank credit card so my total credit card balance will be under $30,000. I’ve already paid an additional $900 this month above what the credit card companies requested I pay. Hmmmm….
Something interesting happened this month. The credit card I pay off in full every month, my GM card, recently cut my available credit by about half. These numbers are just estimates. I know I had a credit line in the range of $20,000 – $25,000 and this month GMCard reduced to around $10,000. I didn’t really get a reason either, but in the letter I received they said I could request a reason. I’m not going to request a reason because I think this reduction is for the best. I NEVER pay this card late and pay it off in full every month. This card is basically used for business expenses and we run up about $3,500 a month but pay it off every month.
I recently saw some news about credit cards cutting credit card lines because of where card holders shop. If you shop at say a thrift store or discount store and the credit card company has a lot of people that default on their credit cards also shopping there YOU will get your line of credit cut. My GMCard is used mostly for gas/diesel, food and hotels while my husband is traveling out of state. I can’t help but think using the card at these places caused the credit line decrease? I know it can’t be my credit card balances because I owe less than 50% of all my available credit card debt.
I guess it really doesn’t matter why GMCard cut back my credit line, I don’t need their stinking credit so they did me a favor. 
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{ 3 comments… read them below or add one }
Congrats! You really ARE making progress! It feels good doesn’t it?!
it feels wonderful! I can’t wait to find out what it’ll feel like when I get our debt way down to less than $20,000. It’s been so long since we’ve had our debt this low.
Debt settlement is the process in which negotiation with your creditors by a professional agency which results in having to payback only a percentage of the total debt you owe to them.
How does a debt settlement program work?
A professional agency negotiates with your creditors. In most cases if a creditor cannot collect on the debt, they write it off as a loss on their taxes. Creditors will reach agreements to settle debt in order to recover monies they often would not of have been able to get. In most cases this can result as a benefit for both parties.
Will debt settlement affect my credit score?
Knowing whether or not this will affect your credit score all depends on your current situation. Your credit score may be affected due to non payment of existing debt that you wish to settle. In the Debt Settlement process of reaching an agreement with your creditors, many items can be negotiated such as removing negative remarks. This depends on each individual the creditor.
http://www.goodbyemydebt.net