Line of Credit balance: $0…for now

No balloons, no cheerful rainbows or fuzzy unicorns. However, this morning my line of credit stands at a balance of $0. I’m happy about this, but I know this will last for the next 52 days only. After April 30, there will be a negative balance there again for a short while.

My AMEX is paid in full. That’s where I charged my new motorcycle.

Visa bill is due next week, it’ll be paid in full too, just like it always is.

The only outstanding (and massive) bill left to pay are my 2010 personal taxes. I have money set aside for this, but since I’ve used a portion of that money to pay for my motorcycle, I will come up a bit short when that cheque clears for the Canada Revenue Agency on April 30, 2011. The difference will be the new balance on my line of credit.

It seems so odd to see the balance in my online statement:  Credit available $27,000.000               Balance Due $0.       Nice. I’ve never seen that! There was a balance due the moment I had the credit available. After all, that’s why I had a credit line, right?

Once the dust settles after the taxes are paid, we’ll see what the damage is. Meanwhile, any surplus that may come my way in the next 52 days will most certainly go to my financial parking lot, to reduce the impact on the credit line come April 30.

When that balance is paid off at some point, then prepare yourself for rainbows and unicorns (and lots of wine at a dinner out). There will be a celebration!


2 responses to this post.

  1. That will be one heck of a celebration! Such great strides you’ve made over the past year. Congrats!


  2. W00t! My credit line is attached to my online account too. Even though I haven’t used it since I dipped into it temporarily at the bottom of the market in 2008 to buy some Suncor stock, I STILL like seeing the $0 owing. Careful, you might get like me and start prepaying your credit cards! 🙂


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