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Consolidated Credit Cards

January 2nd, 2018 at 10:30 am

I updated my sidebar just now, so here is what I did.

CC1 credit limit is $18k. I transferred enough from CC2 to reach my credit limit.

I tapped into my emergency savings fund to pay off the remaining balance on CC2 to bring it to zero.

My goal is to pay this off in 24 months and not add any consumer debt, Lord willing.

Thank you Credit Card Free for your advice!

Amber, you have motivated me to get my debt down.

I look forward to sharing my progress this year. Please pray for me!

4 Responses to “Consolidated Credit Cards”

  1. creditcardfree Says:

    You are welcome! How exciting!! I hope taking the money from savings doesn't put you in to much of a bind if there is an emergency. I look forward to watching that credit balance drop this year.

  2. crazyliblady Says:

    Does cc1 have rewards? If so, you could tap that to pay off some of the balance. Congrats. You should also have some funds in savings in the event of an emergency.

  3. Trying to get ahead Says:

    CLL, actually CC2 has cashback and I have transferred that money to my EF during the year as it was earned so that will be going back into the coffers. I should be able to get my EF back to $1k in a couple of months.

  4. Trying to get ahead Says:

    Well, guess what? CC2 has an offer for a 0% balance transfer for 12 months. www.navyfcu.org My credit limit with this one is $12k.

    Now that I completed the balance transfer from CC2 to CC1, I'm thinking I should move $12k from CC1 to CC2. Hopefully that will affect the 9.90% portion of the balance and not the 2.99% balance.

    If all works, I would have gone from 9.90% Fixed APR to 2.99% Fixed APR until 3/31/19 for a balance of $5,900 on CC1. Then from a Variable APR of 12.65% to a Fixed APR of 0% until 3/1/19 for a balance of $12100 on CC2. CC2 also has cashback rewards but I doubt these are awarded on credit transfers.

    I say this is a considerable change in the right direction.

    Thoughts?

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