Wednesday, February 20, 2008

Sold Stock to Pay Down Debt

I just sold off my stock in order to use the money to pay down my credit card. Once the funds settle I will be able to request a check for about $600 and will use that money to pay down my credit card which will leave me with a balance of about $600 left to pay. I have decided this is the right decision because I have done nothing but play with the money in my stock account since opening it. I need to take some responsibility and use that money for a use that would be best. I believe I will reap more benefits by paying down the credit card debt over the next few months then I would by keeping this money in my stock account and "playing" with it.

This still leaves me with one more stock holding. I have a few hundred dollars still in Bank of America. The stock is depressed slightly from when I bought it so I did not want to sell it because I still believe this to be a strong company that will rebound in a year or two. In the meantime this stock pays me a dividend yeild of near 5%. I plan on holding this stock until a more opportune time to sell and hopefully this one stock holding will satisfy my stock urge for the time being.

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