Tuesday, January 13, 2009

Ok, So NOW What To Do?

Alright, I found a Credit Card Debt Payoff Calculator and after entering in all of my information it states that if I pay $921.63 a month, I'll pay off all of my cc debt by March of 2010. I HAD set my sights on a year BUT now that I'm looking at it all I highly doubt I'll be able to do that. $900 a month is a LOT of money, and I suppose, that if I had had $900 a month to spend on just anything I probably wouldn't have this debt. KWIM? So, it's back to the drawing board. But the question still remains, where do I start? I mean I know that I'm supposed to pay off the CC with the highest interest rate 1st and then put that amount towards cc #2 and so on but at this moment I don't know exactly how much extra I have to put towards the 1st CC yet. Also I have received a CC balance transfer offer to move up to $2,000 off of a card for a 3% fee at o% interest until march 2010. The fee would be $60 and the interest on the particular card I would be moving it from would be 9.24% so is it wise to do that? Ok, interest on the $2,000 at 9.24% would be roughly $16.60 a month so that's be like paying almost 4 months worth of interest upfront but I'd gain 8 month's at no interest saving approximately $126.00. Hmmmmmmmmmmmmmmm, it sounds like that is a pretty good deal huh? then I'd be actually paying off the $16.60 every month instead of accruing that amount in interest. Oh man, what's a girl to do? I wish I could get an offer to move the entire $5500! Wow! Now that would be NICE! LOL Ok, I think I'm done rambling now. Any suggestions? Thanks for reading! :)

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