Monday, August 18, 2008

"The truth of the matter is that you always know the right thing to do. The hard part is doing it." -- Norman Schwarzkopf

This morning while I was driving to work, I made a decision. And it was a hard decision. For a number of reasons. But now that I sit here and think about it really hard, I think that it is by far the best decision that I could make right now.

I have decided to take $1,000 and use it to pay down my CitiCard balance of $1,593.13. I decided to do this for a number of reasons.
  1. I am tired of paying this bill. I have been willingly forking over cash to CitiCard for far too long.
  2. The interest. It isn't killer, but it's not 0% either.
  3. I feel like I never make any headway on paying this card down, and I am tired of it.
In a month and a half of saving, I have managed to pull together close to $1,100 for my car fund. I was looking at all my my debts the other night, in an effort to manage them, and realized that I could pay off a large chunk of my Citicard balance if I would be willing to sacrifice the money from my car fund.

At first I was totally against the idea. I mean, I need a new car. And I have a goal to reach! But then I stopped to consider the points I listed above and decided that I would rather have only one bill to pay (the car payments) each month, even if it meant that it was a little bit more expensive than it would have been if I have kept the $1,000 in the savings account. But I think that at this point in my life, getting rid of my debts is the most important thing to do.

It's just another case of the have to's taking priority over the want to's. I will let you know how it goes.

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