Hooray! We got a call from the bank saying they approved the wife for $46k at 8.99 percent for 96 months (which we will never need 8 years but we can attack the higher interest stuff first). The rate is a little higher than what we wanted but we get more than we thought we would AND I'd be hard pressed to find 8.99 on a card for 8 years right now. The bank is closing her current cards except one that they're leaving a 10k limit on (which is all she needs...I have 21k with them as it is and we don't need all that credit!) The bank has to pay off their cards first and the remaining balance gets deposited to our checking account (which means I have to keep Wachovia until the transfer is made...doh!) where we can use the funds for whatever we need (which will be to pay off the higher rate cards!)

Here is the matrix as we know it today:
Updated matrix:
Card 1/$12258/$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/$3514/$4400/16.99
Card 11/$2815/$3900/13.99
Card 12/$2100/$2500/0.00****
Card 13/$4082/$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-$78502=$2506 off since day 1.


***Here is what the matrix will look like after the loan takes effect:

Updated matrix:
Card 1/$12258/$20000/14.23
Card 2/$15318/$31000/12.24
Card 3/$0/$10000/12.24
Card 7/$5903/$10000/4.99**
Card 8/$3821/$10000/0.00***
Card 9/$1971/$7250/17.24
Card 10/$3514/$4400/16.99
Card 11/$2815/$3900/13.99
Card 13/$4082/$4500/5.82

**Balance Transfer rate
***Teaser rate ends 8/22/07 (up to 24)

$81008-$49682=$31326 off since day 1.

You can see a whole lot of cards are gone! We will still have $17.2k and I can already tell you that Card 9, Card 10, Card 11 and most of Card 1 will also be paid off. This is how I envision the matrix looking after applying the lump sum to the debt.

Updated matrix:
Card 1/$3378/$20000/14.23
Card 2/$15318/$31000/12.24
Card 7/$5903/$10000/4.99**
Card 8/$3821/$10000/0.00***
Card 13/$4082/$4500/5.82

**Balance Transfer rate
***Teaser rate ends 8/22/07 (up to 24)

$81008-$32502=$48506 off since day 1

Not too bad! I think the best thing now is to use that ebay money to either attack Card 8 since it's going to jump to 24 percent OR transfer Card 8 to a 0 percent for 12 months offer we have on another card and use the money to pay off even more on Card 1. That way I'll be able to pay even less interest over the rest of the life of the balances.

Of course we could do a lot of different things with that 17.2k but I think this is the best scenario for us right now. Our payments on the loan will be $701/mo and I can't wait to calculate our monthly savings (the rate is locked in for the life of the loan, there are no annual fees AND no prepayment penalties) over what we were paying per month to the cc companies.

I can taste debt freedom!