Well I just couldn't wait any longer. I had to do it. I figured it didn't matter whether the payments came from the old checking account or the new one so I took the $46k and went to town! Here's what the debt mountain looked like about 2 hours ago:
Card 1/$12258/$20000/14.23
Card 2/$15326/$31000/12.24
Card 3/$8054/$12500/12.24
Card 4/$6312/$9000/18.24
Card 5/$6151/$9000/18.24
Card 6/$6143/$8000/0.00*
Card 7/$5903/$11000/4.99**
Card 8/$3821/$10000/0.00***
Card 9/$1110/$7250/17.24
Card 10/$3428/$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-$77503=$3505 off since day 1.
Say goodbye to Card 3, Card 4, Card 5, Card 6, Card 8, Card 9, Card 10, Card 11 and Card 12! You and your interest payments are H-I-S-T-O-R-Y! Let's look at the matrix after these cards get paid off:
Card 1/$12258/$20000/14.23
Card 2/$15326/$31000/12.24
Card 7/$5903/$11000/4.99*
Card 13/$4082/$4500/5.82*
*Balance Transfer rate
Looks a lot better doesn't it! I also paid the minimums on Card 7 ($119) and Card 8 ($81) so we'll update that as well:
Card 1/$12258/$20000/14.23
Card 2/$15326/$31000/12.24
Card 7/$5784/$11000/4.99*
Card 13/$4001/$4500/5.82*
I made a little over the minimum payment on Card 2 so it's now an even 15k:
Card 1/$12258/$20000/14.23
Card 2/$15000/$31000/12.24
Card 7/$5784/$11000/4.99*
Card 13/$4001/$4500/5.82*
The final payment was made to Card 1 to knock the balance down to $9042. I did have to charge $1100 to the card for business but it's reimbursable (on Thursday they are cutting me the check) so here's where we ended up:
Card 1/$9042/$20000/14.23
Card 2/$15000/$31000/12.24
Card 7/$5784/$11000/4.99*
Card 13/$4001/$4500/5.82*
*Balance Transfer Rate
Hooray! I would have to say it's a lot easier on the eyes looking at those four accounts. I now don't have a credit card payment due for at least another month + (the unsecured loan will be due $701 though...I'm not sure of the first due date but I will find out shortly). We get paid Weds and we should be getting our $5k tax check as well (I thought we'd have it by now but I'm ok with the fact that we don't yet) and we are well on our way to making an even bigger dent in the matrix that remains. I'm really happy that we've gotten this debt massacre under control (and the interest under control!) and I can't wait for tomorrow (payday!)
Zapped the matrix!
April 3rd, 2007 at 06:24 pm
April 3rd, 2007 at 06:28 pm 1175621310
Also, am I interpreting this correctly: card number/ balance/credit limit/interest rate?
April 3rd, 2007 at 06:28 pm 1175621315
April 3rd, 2007 at 06:29 pm 1175621361
April 3rd, 2007 at 08:16 pm 1175627796
April 4th, 2007 at 02:00 am 1175648458
Congratulations! I can hear your sigh of relief from here on the other side of the world
April 4th, 2007 at 05:45 am 1175661940
Elly four of the cards (Card 4, 5, 6 and 12) are being closed (the bank that gave us the loan wants to leave us one card with a 10k limit). The rest (for now) will stay open but they definately will be staying locked away in my home office safe! You are correct about the matrix (Card/Balance/Limit/APR).
Newly I know it is so much less of an eyesore! Plus it'll be so much easier to pay the thing down once we get the other cards under wraps. Card 1 and 2 need to really get paid down quickly! I'm itching to attack them next.
Jan yep! One monthly bill that is less than half of what we were having to pay per month on all those cards. It's actually about $200 less per month than just the interest that was accumulating on a monthly basis. Yikes!
Ima (I'm a doin the happy dance!)
Auzzie! Yep it's a big weight off my shoulders!
Thanks again everyone...I am so glad to see one payment vs nine!