This is my first post. I am a 23 year old and I am trying to payoff my debt to start saving for a down payment on my first home. I have never been late on a payment and keep constant tabs on my finances, but I definitely would appreciate some feedback.
Here is my outstanding Debt
Account Balance Limit Ratio Actual Promo BT
Citi $5,593.70 $9,000.00 62.15% 8.99%
Discover $611.42 $750.00 81.52% 9.99% 0% 02/09 08/19/2009
Amex Blue $376.54 $1,000.00 37.65% 15.99% 0% 01/27/09 N/A
Macys $0.00 $800.00 0% X X X
Merryl Lynch $0.00 $5,000.00 0% 9.99% N/A 1.99% 08/09
Citizens Auto $0.00 $14,000 4.99%
I will definitely have the Discover/ Amex cards paid off by the time the promos end.
My main concern is the high balance on the Citi card. I recently called and balance transferred my Car balance with no transfer penalty at 3.99% for the duration. This is the breakdown of the Interest Rates.
$2,443.70 -> 2.99%. Promo Expires 02/23/2009
$3,150.00 -> 3.99% BT – Duration
I have a Merrill Lynch Card I opened with a Balance Transfer offer of 1.99% until 08/09, cap of $75 fee. Do you think it’s worth balance transferring to the ML Card? Should I attempt to get a 0% card.