Posted by: kvan in Untagged on Feb 28, 2009
It was another decent month of steady debt reduction. I paid out my commitment of $1,500, and am now within a month of breaking through the next big barrier, the $40,000 debt level! It doesn't sound that exciting that my debt will be $39,300 or so, but I am savoring the solid progress and look forward to the small victory.
My Bank of America card now has a new balance transfer offer... 1.99% interest through November. My WaMu card is coming off it's 1.87% intro rate in another month, so I'll transfer that to BofA some time this month. The WaMu card resets to 23% interest, so timing is important. Its tempting to wait untill I actually see the 23% interest rate (and feel that pain), but the rate increases a month or so before I actually see it on a statement. Thats another trick that I've fallen for before. This time, I'll get it transfered out before I get caught by the high interest. Eliminating the 23% interest from my overall debt management plan will also have a positive impact on my "debt free" date. The current date of October, 2011 assumes the WaMu card debt resets to 23%, which I'm now taking steps to avoid. I'm not sure if it will be a huge impact, but I'm hoping for a month or so. I'll let you know next month.
| Summary of Credit Cards for user kvan | |||
|---|---|---|---|
| Total Balance | $40,673.76 | Payment Efficiency | 94.75% |
| Minimum Payments | $720.00 | Total Savings | $63,498.09 (17 Years, 5 Months) |
| Monthly Commitment | $1,500.00 | Total Payments/Fees | $46,980.91 / $6,307.15 |
| Kicker Payments | $780.00 | Payoff Date | Oct-2011 (2 Years, 8 Months) |
| Account list for Credit Cards | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Account | Balance | Min | Plan | Rate | Day | Note | Web Site | ||
| Capital One | $3,309.46 | $33.00 | $33.00 | 0.00% | 2nd | http://www.capitalone.com/ | |||
| Citi (BLV) | $8,905.00 | $133.00 | $133.00 | 0.00% | 4th | autopay minimum | https://www.citicards.com/cards/wv/home.do | ||
| WaMu ESPN | $12,445.86 | $249.00 | $249.00 | 1.87% | 12th | Auto-pay verified. Last Equifax event 10/22/2008 | https://www.wamucards.com/ola/base/Login | ||
| Discover | $9,158.03 | $183.00 | $183.00 | 1.99% | 12th | fixed the interest rate | https://www.discovercard.com/cardmembersvcs/loginlogout/app/ac_main | ||
| US Bank | $0.00 | $0.00 | $0.00 | 0.00% | 13th | paid off twice! | https://www4.usbank.com/internetBanking/RequestRouter?requestCmdId=DisplayLoginPage | ||
| BofA NEA | $0.00 | $0.00 | $0.00 | 0.00% | 17th | paid off, awaiting offers! | http://www.mbna.com/ | ||
| USAA | $6,855.41 | $102.00 | $902.00 | 8.90% | 17th | https://www.usaa.com/inet/ent_logon/Logon | |||
| GM Flex Earnings | $0.00 | $0.00 | $0.00 | 0.00% | 19th | Cancelled autopay - pay this off! Action needed by 12/14 | https://www.gmflexcard.com/GMFlexCard/index.jsp | ||
| Chase/United | $0.00 | $0.00 | $0.00 | 0.00% | 20th | pay balance monthly! | http://www.chase.com/ | ||
| Home Depot | $0.00 | $0.00 | $0.00 | 0.00% | 22nd | Paid off 12/22 | http://www.myCreditCardCompany.com | ||
| Citi (KAV) | $0.00 | $20.00 | $0.00 | 0.00% | 26th | Equifax 02/07/2009 | https://www.citicards.com/cards/wv/home.do | ||
| Lowes | $0.00 | $0.00 | $0.00 | 0.00% | 28th | Paid off 12/23. | http://www.myCreditCardCompany.com | ||
| Total | $40,673.76 | $720.00 | $1,500.00 | 2.52% | |||||
Note: payment values in red indicate the 'focus'' account, the one to pay down the most.