An update to the debt tracker as Wednesday's payday looms on the horizon. I was able to transfer $4000 from card #1 to the wife's card which had no balance and a $4500 limit and get a 5.82 APR for the life of the transfer (a current promotion from Chase!) This will allow me to cut 4k off of my utilization (so we go from around 80 percent to 60 percent on that card.) I will have to pay off the Chase card but we can put it to the back of the pack since the APR is low and it lasts forever.
She also was approved for a $3000 card with a 0 APR for 12 months on all balance transfers and we are transferring the bulk of a card that has an expiring 0 offer in August (which the rate then jumps to 24 percent!) So even though we haven't been able to make payments yet we are saving ourselves a lot in interest! That's the name of the game for us right now.
Balance Transfers
March 6th, 2007 at 12:05 am
March 6th, 2007 at 04:02 am 1173153734
March 6th, 2007 at 04:10 am 1173154200
March 6th, 2007 at 12:56 pm 1173185805
I noticed that you mention a $300 per month adjustment to your mortgage that you are putting into an account--just wondering why not throw that 300 at your cc? Knocking off an extra $3600 in one year would seem pretty appealing to me. When the debt is gone, you can throw all your extra cash into investments with gusto. Just a thought.
Again, good luck. A true inspiration for cutting back is Tightwad Gazette by Amy Dacyczyn. She's not an investment advisor, but rather someone who focuses on cutting back in the hundreds of ways we spend money on a daily basis. They earned $30,000 per year (on one salary), but in less than 7 years managed to SAVE $49,000 and also made large purchases in the amount of $38,000 (cars, applicances, etc.)--and that's with four young children. Everyone can walk away with something from reading her, taking her advice to the degree that works for them. You don't have to vow to save frozen juice lids to see how her strategies can work for you.
March 6th, 2007 at 03:48 pm 1173196134
I've read the TG in the past and I do think there was a lot of good info there. I know she has the book out where she kind of put everything together. It might be worth a read (I bargain hunt for books already!) Thanks again for the help it is much appreciated.