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Credit Card Debt, September, 2009 PDF Print E-mail
Friday, 02 October 2009 00:00

It was a really crazy end of summer and beginning of the school year, so I've had little to no time to update the blog.  My debt reduction plan has slowed to a crawl over the last three months, and I've only made minimum payments in that period.  The good news is that my current interest rates are very reasonable, with 5.99% being the highest of the 3 active accounts.  I've been paying roughly $625 per month in payments with a roughly 92% payment efficiency.  That means $575 per month is going towards principle reduction, and $50 in interest.

 My current out of debt date is December, 2011.

 

Plan summary and account list for kvan's plan 'Credit Cards'

Summary of Credit Cards for user kvan
Total Balance $36,242.95 Payment Efficiency 92.35%
Minimum Payments $627.00 Total Savings $17,413.28 (17 Years, 11 Months)
Monthly Commitment $1,500.00 Total Payments/Fees $38,066.01 / $1,823.06
Kicker Payments $873.00 Payoff Date Dec-2011 (2 Years, 2 Months)

Account list for Credit Cards
Account Balance Min Plan Rate Day Type Note Web Site
401k Loan$19,097.62$370.00$370.004.25%1stsecuredPaid off USAA, BofA, Discover 
Capital One$8,971.33$135.00$1,008.005.99%2ndunsecured http://www.capitalone.com/
Citi (BLV)$8,174.00$122.00$122.000.00%4thunsecuredautopay minimumhttps://www.citicards.com/cards/wv/home.do
Discover$0.00$0.00$0.000.00%12thunsecuredpaid residual interest 7/1/09https://www.discovercard.com/cardmembersvcs/loginlogout/app/ac_main
US Bank$0.00$0.00$0.000.00%13thunsecured https://www4.usbank.com/internetBanking/RequestRouter?requestCmdId=DisplayLoginPage
BofA NEA$0.00$0.00$0.000.00%17thunsecuredpaid residual interest 7/1/09http://www.mbna.com/
USAA$0.00$0.00$0.000.00%17thunsecured https://www.usaa.com/inet/ent_logon/Logon
GM Flex Earnings$0.00$0.00$0.000.00%19thunsecured https://www.gmflexcard.com/GMFlexCard/index.jsp
Chase/United$0.00$0.00$0.000.00%20thunsecuredpay balance monthly!http://www.myCreditCardCompany.com
Citi (KAV)$0.00$0.00$0.000.00%26thunsecuredOffer: 3%fee, 0% until 3/1/10 or 2.99% until 9/1/10. Equifax 02/07/2009https://www.citicards.com/cards/wv/home.do
Total$36,242.95$627.00$1,500.003.72%    

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

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That's Great news! I wish I was in your shoes! I've got a long road ahead of me, but after reading your blog this has been the push that I need.
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Last Updated ( Friday, 02 October 2009 18:49 )