I’m a big fan of celebrating progress, even when it’s not a major milestone. Don’t worry, I don’t plan to “celebrate” and set myself back by taking on more debt for my celebration. 🙂
Oh, why am I celebrating? No big deal, it’s just because the last payment on CC#8 went through the bank yesterday. Woot!!
This means that when the last payment for CC#8 went through the bank yesterday it officially became the 3rd card I’ve paid off this year. I also got it paid off way ahead of schedule as my goal was to make sure it was paid off by at least September because that’s when my 0% interest promotion for my computer purchase was set to expire.
As I always do, I removed CC#8 from my sidebars already, and I updated my plan of attack based on what debts I currently have left.
Now that this debt is paid off, my snowball amount has grown to be about $235. Usually I’d put that whole amount onto the next credit card I want to get paid off, but this time I decided to do something a little different. I’m going to split my snowball onto two cards.
Before you crucify me for this decision, hear me out. My new balance transfer credit card is at 0% interest for 12 months until June 2016. This means that I need to pay just under $200/month to pay off the balance by the end of the 0% interest promo period. But in the meantime, my high interest credit cards will continue to accrue interest, which slows down progress. Therefore, I’ll be putting part of the snowball toward CC#12 (the 0% interest card) so my monthly payment will be $200/month and the rest of the snowball will go toward CC#7 which will make the monthly payment around $103-ish.
To help you (and me) out, here is a table showing my remaining debt and how I plan to pay them off:
|CC#||Balance (5/31/2015)||Monthly Payment (Minimum Payment)||Interest Rate||Goal Payoff Date|
|#12||$2,007.38||$200.00 ($75-ish)||0.00% UNITL 6/2016||6/1/2016|
|Student Loan||$6,443.94||$93.07 ($93.07)||6.55%||3/1/2018|
Do you have any reasons to have a celebration? Tell me your latest wins!