I have long talked about getting rid of debt. I wasn't doing too bad with debt a few years ago. Then, I got married, bought a house, sold a house, bought a house and fixed it up. About one year ago is when things where the worst. I had every credit card maxed and I wasn't paying enough attention to get my payments in on time for at least one of my cards.Now, things are a bit better. I am done (for now) renovating my house--it is livable. I now have a permanent mortgage so I don't feel like I'm out in limbo as I was with the construction loan. I have eliminated a few cards and am now staring at 4 credit cards as my primary enemies.Now, none of these credit cards are maxed out, but some still have some rather high balances on them. Here is the break down.MBNA VISA: 7,218.44 13.99%Discover: 4,717.17 14.49%Chase VISA: 1,743.45 11.89%Home Depot: 1,053.91 0.00%-------------------------------- 14,732.97Until today this looked a little bit worse. I just got finished talking with a representative at MBNA and managed to lower my interest rate from a usurious 17.74% to 13.99%. As might be expected, I am quite pleased with this change.I think that to keep myself on track, I will post updates on this board and try to glean what I can from you all. I do have other debts that will be focused on later, including school debt, two cars, a mortgage, and a line of credit.Currently, I intend to use the line of credit to pay off some of the above debts quicker as I have a 6.9% rate there. Every time I make a payment on my line of credit, I will advance what is available so that I can expedite the payment of the credit cards. I also will be looking at balance transfer options.MBNA does currently have the option to transfer at 0%, and I am seriously weighing this now that MBNA is no longer my highest interest card. I do not consider a balance transfer a threat to my plans to eliminate debt as I have stopped using the cards altogether. In fact, I have long since cut them up into the tiniest pieces that I could manage and disposed of them.I am really serious about getting rid of these debts and look forward to sharing the experience here.--Xenonax
MBNA VISA: 7,218.44 13.99%Discover: 4,717.17 14.49%Chase VISA: 1,743.45 11.89%Home Depot: 1,053.91 0.00%-------------------------------- 14,732.97
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