I talked with Citibusiness Cards today. They called me in the early morning on my cell phone. Apparently my $48 charge didn’t go through my business bank account last month. It was an address issue.
I also found out the date that my 0% grace period with them is ending: April 28th, 2008
I have 4 CitiBusiness Cards that are on a 0% hardship program that I negotiated about 9 months ago. I have been paying on those cards for the last 9 months.
In April, my 0% period is going to be over.
Current Balances
My current balances on the 4 cards is just over $26,000 total. The 0% monthly payments amounts to just over $200 each month. I can handle that number.
What I can’t handle is what will happen when my 0% hardship time runs out and the interest rates on these jump back up to the 20%+ range.
My Options
My options? I don’t know. I can’t afford a $1,000 interest payment right now. No way. My business needs every single penny right now to have a shot a hitting a large revenue number. Every day I’m getting closer to hitting a big gain here…but it’s still a slow process.
My other business debts are all in collections. No lawsuits yet, but at some point, I expect those to come as well. I can’t image banks just writing off a 30K loan (but, I would love it if they did….). Granted, I haven’t heard anything from one of my bank LOC’s for months now. No letters, no calls, nothing….it’s eerily scary.
Bottom line: I gotta keep working my Project “A” (which will be bringing a net of just under 2K this month). It has the most potentially to scale up to a 30K/mo business. Just gotta keep working it…
{ 4 comments… read them below or add one }
Okay -
So, two days ago you gave us a look at your budget – where you had shown us that you were putting over $300 in savings and $155 on take-out food, $300 on entertainment and $70 towards your church.
With the $200 you said you were able to pay right now and cutting out the above items and you’d be able to make the $1000 payment with no problem. Now, if you were to continue to work with your credit card companies on reduced interest rates (can’t they extend the hardship program?) and cut the above items out of your budget and apply $1000 p/mo to these debts, you’d have them wiped out totally by April, 2010.
Think about it.
If you started preparing your own meals, from ingredients purchased on sale, using coupons, you could easily eat for less than $75 a month.
@Katie ~ $75 a month!? Really? Bear in mind, I’m very active, and 2000 calories is often more like one meal rather than my whole food intake.
Move out of seattle…. not an instant fix… but there are far cheaper places to live in this area.
Federal way has no B&O tax