In my short term goals, you’ve noticed that Paying off my debts is on top of my priority list. My target is to free my self with the debt accumulated from credit card and lending company before the end of 2008. I know that I must be serious with my debt management program for me concentrate fully to my other personal finance matters like saving and investment.

Here is the amount of Debt that I’m now trying to get rid of:

	In USD	In KD
MasterCard Credit	4,428.90	1,197.00
CFC	5,550.00	1,500.00
Total	9,978.90	2,697.00

And this is my debt payment plan: (excerpted from my previous post)

1. I will do this in the next three days. Close my other credit card that I am not using. Right now I have Mastercard NBK credit card and Visa Burgan Credit card. If I will maintain only one card then I could save with the annual card charge.
2. I will do this in the next week. Review my card transaction. List up the recurring bill charge to my credit card.
3. I will do this every week. No credit card purchase must be made.
4. I will do this in the next month. Alot KD200 or $740 each month to pay my mastercard credit and KD60 or $222 each to pay my CFC credit. I will then provide area in this blog showing bar graph percentage how much debt left unpaid.
5. I will do this in the next six months. My mastercard credit will be paid by this time. I will add the $740 to the $222 I initially budgeted for CFC. With the new debt payment allocation, my CFC debt could be zeroed in 4-5 months time.

So after one month, here is the update: (as of April 11, 2008)

	In USD	In KD
MasterCard Credit	1,491.10	403.00
CFC	5,328.00	1,440.00
Total	6,819.10	1,843.00

I’ve managed to pay 31.66% of my recorded debt. I can now see the light at the end of the tunnel – $6,819.10 to go.

You might be wondering why such a large reduction? Well, it just happened that month of March is a blessed month for me. Company where I worked gave me insentive bonus. In addition I also decided to allot the google adsense cheque I received to pay my credit debt. Then the $962 I set aside from my monthly income.

So, If I will keep up the plan, I could clear my credit card balance in 2 months time and the CFC will be finished 4 months after.

Regarding my Burgan Credit Card, it was already closed. I went to their office, talked to bank representative and answer the question why I want to close my credit card line to them.

I’m going to add the bar graph to track my debt status and I’m going to put it here very soon. Other than the debt bar graph I think everything is going smoothly as planned..