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Author: Aranknitter Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308882  
Subject: Update and Q Date: 8/30/2003 4:05 PM
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I don't think I posted an update of where I was in the debt-repayment universe in the last month....? I thought I'd do a quick one now as I need a bit of advice anyway.

Since my last posting, one store card is completely paid off, before it's 0% rate expired, and is now closed. I'm keeping my credit cards open to minimize FICO hits, but I'm closing the store cards as soon as they are paid.

Here's what I have left...

Citi $7183 at 14.99%
Credit union CC $9000 at 5.9%
Car loan $6000-ish, at 8.75%
Store card $1660 at 0% till Sept 2004, then at 22.98% thereafter (yike!)

I was recently just offered a BT, at 0% till Sept 2004. When I called to follow up on it, I got approved!!!! For $12,000 credit limit. So, I moved the Citi balance to the new card since that was my highest interest rate - the interest was approximately $102 per month. My credit union CC interest is only $63 per month.

The fee for the BT was $50. So, to amend the original figures I gave just above, the Citi card is now sitting at $0. I paid $183 to Citi, transferred $7,000.00, and got charged $50.00 for the BT. The new card therefore carries $7,050.00 at 0% until Sept 2004, after which time the rate will go to 14.99% (which is the same as I was paying with Citi).

What I plan to do next is snowball the one remaining store card and it should be paid in full and closed by end Nov.

After that though, which one should I go for? Should I just pay minimums on the new card and attack the credit union CC? But then the new card goes to 14.99% in Sept 2004 which is MORE than the 5.9% of the credit union CC. But if I attack the new card and pay it off before the zero rate expires, I'm paying 5.9% interest for a year.

I'm a stat, not a finance bod. :>) Which option would save me more in interest charges, does anyone know????
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