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So before the year started I paid all my CC accounts to a nice (well not so nice) even $28,000.00. My goal is to reduce that number exactly by half by 12/31/2010. This means my goal will be to pay $14k in principle plus all finance charges that accrue.
All payments for January have already been made and for February I plan on making the minimum payment to be able to take advantage the new law that takes effect in February with any extra payments other than minimum due goes to the highest interest rate. I have two cards that are affected by this.
I am not going to worry about what my fico score is for 2010 as I don't plan on applying for anything.
As of January 1st:
Card # 1 $9,250.00
Card # 2 $5,500.00
Card # 3 $4,000.00
Card # 4 $2,700.00
Card # 5 $2,400.00
Card # 6 $1,500.00
Card # 7 $1,250.00
Card # 8 $ 500.00
Debt # 9 $2,400.00 (LOC)
@Want2BDebtFreeNow wrote:So before the year started I paid all my CC accounts to a nice (well not so nice) even $28,000.00. My goal is to reduce that number exactly by half by 12/31/2010. This means my goal will be to pay $14k in principle plus all finance charges that accrue.
All payments for January have already been made and for February I plan on making the minimum payment to be able to take advantage the new law that takes effect in February with any extra payments other than minimum due goes to the highest interest rate. I have two cards that are affected by this.
I am not going to worry about what my fico score is for 2010 as I don't plan on applying for anything.
As of January 1st:
Card # 1 $9,250.00
Card # 2 $5,500.00
Card # 3 $4,000.00
Card # 4 $2,700.00
Card # 5 $2,400.00
Card # 6 $1,500.00
Card # 7 $1,250.00
Card # 8 $ 500.00
Debt # 9 $2,400.00 (LOC)
I hope you reach your goals and do even better. I remember having balances like that. It's more like a nightmare than a memory.
All the best to you in 2010.
From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
You can do the same thing with hard work.
@MarineVietVet wrote:I hope you reach your goals and do even better. I remember having balances like that. It's more like a nightmare than a memory.
All the best to you in 2010.
From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
You can do the same thing with hard work.Message Edited by marinevietvet on 01-01-2010 05:20 PM
I agree that its a nightmare. I have no body to blame but myself :-) One month at a time. I will be posting my progress on this thread.
@marty56 wrote:
A DMP program will reduce or even eliminate your interest rates and save you money and get you out of debt faster.
I have both Quicken and MS Money. The only problem is that they don't take into consideration when you have multiple aprs within one credit card. I am going to take care of those balances first (in feb) and then follow the plan based on APR.
@Want2BDebtFreeNow wrote:I have both Quicken and MS Money. The only problem is that they don't take into consideration when you have multiple aprs within one credit card. I am going to take care of those balances first (in feb) and then follow the plan based on APR.
@marty56 wrote:
A DMP program will reduce or even eliminate your interest rates and save you money and get you out of debt faster.
Not that kind of program. A Debt Management Program. (And not a Debt Settlement Program!)
Most of my CC's already have the new payment application provisions in place. Make sure you understand the T&C's for your accounts and avoid making minimum payments while carrying a large debt load. Your issuers are paying attention to what you're doing!
@creditwherecreditisdue wrote:
@Want2BDebtFreeNow wrote:I have both Quicken and MS Money. The only problem is that they don't take into consideration when you have multiple aprs within one credit card. I am going to take care of those balances first (in feb) and then follow the plan based on APR.
@marty56 wrote:
A DMP program will reduce or even eliminate your interest rates and save you money and get you out of debt faster.Not that kind of program. A Debt Management Program. (And not a Debt Settlement Program!)
Most of my CC's already have the new payment application provisions in place. Make sure you understand the T&C's for your accounts and avoid making minimum payments while carrying a large debt load. Your issuers are paying attention to what you're doing!
I am going to pay my bills the old fashion way, I charge I pay. I knew the terms and conditions going in. It might take me 4 to 5 months longer to pay, but I will have paid every cent that I owe. In regards to my T&C... At this point I don't care what the credit cards do. If they want to close my accounts because I am paying the minimum then that is up to them. Eventually I will only need 1 or 2 credit cards anyway. About a year ago, the month after I made a $5k to BofA to bring my balance to $0 they closed my account. To me its a lose lose situation with CC companies.