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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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rodwatk80
...
written by rodwatk80, January 17, 2010
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.
0
Proposal for link exchange
written by Jack, March 28, 2010
Hi,

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Jack

0
reply this post
written by Verna19DIAZ, July 16, 2010
Every one acknowledges that today's life seems to be expensive, but different people need cash for different things and not every one earns big sums money. Hence to get fast loans or just small business loan will be good solution.

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Last Updated ( Friday, 02 October 2009 18:49 )