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Debt Reduction Update!

March 14th, 2007 at 06:07 pm

Card 2 reared its ugly head today and hit me with a finance charge of $103.54 and a due date of April 11th (I have two paychecks coming before that due date..yay!) with a minimum payment of $306. That card is always 2 percent of the balance for a min payment so just think of it this way. 2 percent x 50 payments = 100 percent (but we're not even counting interest!) I can't wait to get some of these other balances out of the way so I can attack Cards 1 and 2 (the big dogs.)

Card 6 also closed its March statement and this is the last month of the teaser rate before the jump to 13.99 so that has a min payment of $61 due on 4/7. Hopefully the Mrs. gets a happy answer from the bank about the unsecured consolidation loan and Card 6 never sees a balance with an interest rate attached to it!

I think I'm going to pay the minimums on these cards and put the remaining balance that I can at my favorite card...Card 9. There will be a lot of satisfaction in killing that card's balance! They actually sent me checks today to write against the card's available balance (not b/t checks with an offer just plain checks...as if that's not insane! Of course if someone can tell me where I can put that money and earn MORE on it than the 24 percent interest I would be paying on a cash advance I'd love to hear it!)

Ugh! The sooner we get rid of this debt monster matrix the better. Smile

Updated matrix:
Card 1/$12097/$20000/14.23
Card 2/$15318/$31000/12.24
Card 3/$8215/$12500/12.24
Card 4/$6211/$9000/18.24
Card 5/$6151/$9000/18.24
Card 6/$6143/$8000/0.00*
Card 7/$5903/$10000/4.99**
Card 8/$3821/$10000/0.00***
Card 9/$1971/$7250/17.24
Card 10/$3464/$4400/16.99
Card 11/$2815/$3900/13.99
Card 12/$2100/$2500/0.00****
Card 13/$4075/$4500/5.82

*Teaser rate ends 4/1/07 (up to 13.99)
**Balance Transfer rate
***Teaser rate ends 8/22/07 (up to 24)
****Teaser rate ends 5/1/07 (up to 13.99)

$81008-$78284=$2724 off since day 1.

Posted in Watch our debt go to zero! | 5 Comments »

5 Responses to “Debt Reduction Update!”

  1. littlemama Says:
    March 14th, 2007 at 07:45 pm 1173901536
    1173901536

    Since Feb 22nd, you have paid $2724.00 to you debt? That is awesome! I figure that amounts to about $136.00 that you have averaged paying out daily towards your debt. WOW and congrats!

  2. I-78 Commute Says:
    March 14th, 2007 at 07:51 pm 1173901891
    1173901891

    Thanks littlemama! When I calculate that I add back the interest and subtract the payments (so I have actually paid more towards it but the interest knocks it back down...it's a give and take with those creditors!) I figure this is the best way to track my progress. Smile

  3. littlemama Says:
    March 14th, 2007 at 08:54 pm 1173905681
    1173905681

    I have been paying my debt down awhile now and I know what you're saying. I actually think there is a light at the end of the tunnel. :0 I can almost see it!

  4. shadon Says:
    March 14th, 2007 at 09:04 pm 1173906256
    1173906256

    What the??? Credit Card companies actually send you cash advance cheques??????? Is there no end to their devious attempts to trap unwitting consumers into more and more debt?

    That is unheard of here (and just as well as I think DH would be sorely tempted, unwitting as he is). The worst I can expect in the mailbox is an unsolicited preapproved CC offer which I write on the application "Please take me off your mailing list" and send back to them in their "Reply Paid" envelope hehehe Big Grin

  5. PRICEPLUS Says:
    March 15th, 2007 at 04:01 am 1173931286
    1173931286

    Rip those cash advance checks up. 24% interest is murderous to your finances! Keep working the pyramid! Look to cut expenses to the bone and seek out extra sources of income! Good luck and keep at it!Smile

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