Happy Valentines Month for all you romantics at heart! The only relationship I hate is the one I have with my credit cards! Alright, so the new update. Instead of transferring balances to my Chase card as I previously mentioned, I decided to go with the Citicard 0% APR until 11/09. Overall, this should save me some money. Here are the current balances:
Chase : $100 (0% until 3/09. Will be done this month)
Discover Card: $400 (0% until 3/09. Will pay off in march)
Citicard: $12,875 (0% until 11/09)
Total debt: $ 20,136.87
My goal for the Citicard is to have the balance down to $6,000 by 11/09. This will take a lot of discipline, but I think I can do it! My debt went up a bit, but that's because of the balance transfer fee. I'll bring it back down quickly!
I did a mock 2008 tax filing, and found out that I no longer am able to deduct student loan interest. This, in my opinion, is a double edged sword. It's great that I'm making more money now, but at the same time, that's 1 less deduction. Because of this, I now consider this just like my credit cards. But since I have a set payment of $97.62 a month, and a principle balance of 6,761.87. This will be my last priority since the interest rate is really low.
So far so good this year. I have not used my credit cards at all, but rather my debit card. Nice! I know I can do it. I now have all my bills paid directly from my checking account. I know I'm on my way!
For now, I'll just pay down the Chase card and Discover card. Little by little. I still need to eat!
Update to come after 2/15/09. Feel free to comment, and I'll post more if you want.