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Credit Card Debt - Feb, 2009 PDF Print E-mail
Saturday, 28 February 2009 00:00

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'

 

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$33.000.00%2nd http://www.capitalone.com/
Citi (BLV)$8,905.00$133.00$133.000.00%4thautopay minimumhttps://www.citicards.com/cards/wv/home.do
WaMu ESPN$12,445.86$249.00$249.001.87%12thAuto-pay verified. Last Equifax event 10/22/2008https://www.wamucards.com/ola/base/Login
Discover$9,158.03$183.00$183.001.99%12thfixed the interest ratehttps://www.discovercard.com/cardmembersvcs/loginlogout/app/ac_main
US Bank$0.00$0.00$0.000.00%13thpaid off twice!https://www4.usbank.com/internetBanking/RequestRouter?requestCmdId=DisplayLoginPage
BofA NEA$0.00$0.00$0.000.00%17thpaid off, awaiting offers!http://www.mbna.com/
USAA$6,855.41$102.00$902.008.90%17th https://www.usaa.com/inet/ent_logon/Logon
GM Flex Earnings$0.00$0.00$0.000.00%19thCancelled autopay - pay this off! Action needed by 12/14https://www.gmflexcard.com/GMFlexCard/index.jsp
Chase/United$0.00$0.00$0.000.00%20thpay balance monthly!http://www.chase.com/
Home Depot$0.00$0.00$0.000.00%22ndPaid off 12/22http://www.myCreditCardCompany.com
Citi (KAV)$0.00$20.00$0.000.00%26thEquifax 02/07/2009https://www.citicards.com/cards/wv/home.do
Lowes$0.00$0.00$0.000.00%28thPaid off 12/23.http://www.myCreditCardCompany.com
Total$40,673.76$720.00$1,500.002.52%   

Note: payment values in red indicate the 'focus'' account, the one to pay down the most.

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Last Updated ( Monday, 02 March 2009 21:11 )