| Credit Card Debt - Feb, 2009 |
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| Saturday, 28 February 2009 00:00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
Plan summary and account list for kvan's plan 'Credit Cards'
Note: payment values in red indicate the 'focus'' account, the one to pay down the most.
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