Saturday, December 31, 2005

 

Current Credit Card Balances

These are the credit card balances and interest rates I will be heading into 2006 with. The interest rates are all fixed, so I don't have to worry about them changing.

$6220.73, minimum payment $102.37, interest rate 7.9%. I'm paying the minimum, pay off in Feb 2008
$2965.09, minimum payment $79, interest rate 9.9% Paying $81, pay off in March 2007
$2942.67, minimum payment $88, interest rate 6.9% Paying $323, pay off in September 2006

If the bfriend is able to give me $200/month from his part-time work, that will change the pay-off dates to July 2007, December 2006 and June 2006, but I won't count on that income until I actually have it.

My car loan will be paid off in November 2007, I'm not snowballing it, but I am going to add its payment amount of $243 to the snowball once the car is paid off.

3 Comments:

Blogger The Travelin' Man said...

A couple of quick things...

Don't think that just because you have a fixed rate credit card that your APR cannot change. They have to give you notice, but it can change. They are better than the ones tied to a prime rate (especially in these times of rising interest rates), but CAN still change, though less frequently. See here for more: http://www.federalreserve.gov/pubs/shop/default.htm

Also, if you are paying more than the minimum payment on one of your credit cards, you really should consider paying off the one with the highest interest rate first. I didn't do the math, but I am sure that if you applied the additional $235/mo to your card with the 9.9% interest rate, you would be saving money in the long term over paying off the one with the 6.9%.

Lastly, thanks for the link. I will reciprocate in kind. Happy New Year!

7:18 AM  
Blogger Neo said...

I read that you applied for a Citibank credit card with a 0% balance transfer option? Any chance that has gone through since you could save yourself from these interest payments.

Good luck!

Neo

12:05 PM  
Blogger kassy said...

Neo & Travelin Man, Thanks for the comments, I'm doing the snowball so am paying off the smallest balance first. I am considering switching between the two low ones since they are so close. As for the interest rates, the I'm not too concerned about them changing, the 6.9 & 7.9 are promotional rates and are locked until the balances are paid off unless I do something stupid like miss a payment. The 9.9 is from my creidt union and hasn't changed since I got the card roughly 5 years ago. And once these are all paid off they will stay paid off.

And as for Citi card, read my posts about my problems with them, I won't be taking advantage of their balance transfer offer at all, nor will I ever be using/applying for one of their cards again.

6:10 PM  

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