End of Debt Consolidation Tunnel Starting to Emit Light

Today was a breakthrough that gave me a little bit of piece of mind.  I was supposed to pay about $350 tomorrow for my Bofa CC which had about $9K on it.  I missed the payment last time and it knocked me back a bit mentally.  But they went from $135/mo to  nearly $400.  I paid $130 a few days back which they vollied back to me with a 5 extra day grace period, but was still insistent on the full amount.  I started my hsbc card a few days back along with my 2nd wamu and 2nd chase cards.  Then the hsbc card came in the mail approved (0% til 12/08)!  Then I logged onto the bofa acct and about $2400 was paid from my wamu 1 cc.  So the nervousness about that amount instantly vanished.  The balanced dropped down to about $6K.  Then transferred another $2.5K to my hsbc which should go through w/in a week or so.  So interest per year went from $1800 to $1400 (monthly: $156 to $121) on just the 16%.  I’ve got 2 more pending cards with 0% hopfully approving soon.  I’m assuming that together it’ll be about $5K.

So then I will transfer the remaining bofa debt to the $4.7K debt on the usaa (limit $13K) and then transfer all that back to the bofa at 5% for the life of the debt. Then that will be my highest interest rate.  Not bad eh.  It all happened within one month.  Well, not really, as I spent the whole year making sure I paid my cc’s on time which allowed my fico score to go up by 100 points.  That allowed me to get the 0%s.  My debt ratio is about 40%.  If my second wamu card comes through, then I’ll use it for my checking overdraft and not really put anything on there.

Also, I told my wife that I will transfer her 18% over to one of my 0% cards, but that doesn’t look possible right now.  I can put it on my 5% card in about a month.

I can’t believe that this is just a simple game of chess.  Not at all like playing Kasparov.

Why did I neglect this for over a decade?!?!?!?

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One Response to “End of Debt Consolidation Tunnel Starting to Emit Light”

  1. zandria Says:

    You know debt affects us all in so many ways and often it’s the emotions we feel around debt that make us afraid to admit it’s a problem or do something about it.

    Well done to you for taking action, there are many things you can do but doing nothing isn’t the best one.

    I look forward to hearing how you are getting on.

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