First day of blogging: my current status.

Hi Folks,

This is my first post. I am a young professional of 31 years old. I manage a few small companies in Quebec, Canada. I make between 50-60K dollars as a full time employee of those companies. We are on December 31st 2008 and I've decided to change my life. I work too much for an average income and I have multiple debts. Here are the details of my current debts:

- $8,028.50 on credit card #1 at 19.50%
- $517.78 on credit card #2 at 19.90%
- $1,727.56 on a RRSP loan (401K) at 5.5%
- $185,000.00 on a mortgage at 4.5%

I did not get to this level of debt in one day. First, the biggest debt is a mortgage on duplex that has one rental unit. This is considered good debt as per Rich Dad Poor Dad's Robert T. Kiyosaki's philosophy since it is a debt that produces income. The $1,727 debt is also a good debt since it was taken to reduce income tax. The credit cards debts are the worst possible debts. They are very expensive and drain my liquidity's. I will try to pay them off as quickly as possible.

A few years ago I came out of college and I had to pay a lot of credit card debts. What I did is that I made little chart for each credit card and put those in my wallet. On each chart I had little squares that I called bricks with the amount to be paid per brick. Let's say that I had one thousand(1000) dollars including interests to pay one card and that, with budgeting, I could pay off 100$ every 2 weeks, that I had 10 bricks on my card sized chart. I would go to the bank teller with my credit card and 100$ and pay. Coming out of the bank I would scratch off another brick on my little chart. At the time, I was poor, but I felt that I was taking my responsibilities and that I had weight off my shoulders.

I want to feel the same way today, so I've given myself a challenge. I will pay off my credit card debt within 2 months starting January 1st 2009. First off I will pay the credit card #2 debt in one payment on January 5th 2009. Also I made my self a chart of the payments I will make on credit card #1. I should make a payment of $1,300 every 2 weeks. I will post my chart in another message tomorrow.

Thank you for reading and I feel better already,

Eric