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.


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:

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!


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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