Several years ago, I put around $35,000 on my one and only credit card thanks to a home remodeling project and a new watch purchase. My “reward” was a 1% rebate towards my home mortgage, which is not bad considering $350 paid to principal is thousands in interest savings over the life of the loan.
$35,000 is the most I’ve ever put on a credit card in one month and it felt kind of odd. But, I really wanted to create a new bathroom from a closet to add functionality and value to my house. There’s an amazing amount of stuff you need to buy when building a new bathroom: wall tiles, toilet, limestone, shower heads, copper pipes, sinks, mirrors, lights, deep soaking jacuzzi jet tub, lights, light fixtures, paint, doors, crystal knobs, skylight, ventilator and so forth. $20,000 in materials adds up quick!
The watch was a Stainless Steel Daytona that cost $9,600, which I promptly sold for a profit three weeks later because a friend begged me to sell it to him! For those who know watches, the Stainless Steel Daytona is one of the most coveted watches on the market, which can’t be bought in any store. You need a jeweler, connections, or a history of purchases to gain access to this particular watch. It’s a big waste of money, but one of my weaknesses that I so conveniently categorize as a hobby to justify.
Add on all the other normal purchases of food, insurance, membership dues and transportation costs, racking up $35,000 in credit card debt in a month is just as easy done as said!
THE SECRET TO PAYING OFF $35,000 In CREDIT CARD DEBT