The bad part:
I've been sick most of March and the early part of April. Basically it amounts to several things that occurred at once like severe seasonal allergies, a relentless cough, change in medication strength, and finally overall severe fatigue. I probably missed something, but those were the main ones. I'm better but not at 100% just yet. My mom has not been well and my uncle had a fall.
April has been a slow start to the business and though we have bids pending, we haven't heard back. There may be a bottle-neck somewhere but hopefully we will get approval soon and get to work. For one of my clients I ask them to remove "insurance inspections" off our contract agreement. It is not worth the trouble and time for what they pay. Let me say this... if you know anyone who is considering getting a reverse mortgage, if you care about them at all, don't let them do it. I will explain the dark side of what I have seen in another post.
The good part:
Our business did well this month and 1st quarter.
My youngest finally is receiving SSI payments. We applied for him in October.
I earned another $5 Walmart card and $5 from Receipt Hog. My savings is growing and now it is half-way to my goal.
Credit card balance is going down.
Credit score went up 25 points since January due to paying down the one card aggressively and making on time payments.
Viewing the 'Credit Cards' Category
The bad part:
Well we were very pleasantly surprised that we are getting over $2k back as a tax refund.
Half of it will go to the CC.
Back in December, I blogged about my payoff goals and that I would have paid CC2 off and Have half of CC1 paid down. If I stay on target, I should have the credit card half way paid down. My aim is that if I can get aggressive and creative enough, I can have this card paid off by Spring 2019.
I have frozen CC2 and the current CC I am paying is essentially cancelled by the bank since they now have a new credit card (a variable one).
CC2 balance transfer over to CC1 hit today. $6,841 will have the 2.99% APR until 3/31/19.
Now I have one credit card payment with split APR (see sidebar).
End of story right? Wrong! CC2 is now offering a 0% credit card balance transfer. My credit limit with CC2 is $12,100.
Here is what I'm thinking of doing.... After everything clears, I'm going to transfer the $12,100 from CC1 back to CC2 for 0% before the deadline (2/28/18). Since that payment is distributed to the oldest APR first (9.9%), then the remaining balance will only have a 2.99% APR.
CC1 new balance will then be $5,900 with a 2.99% APR until 3/31/19.
CC2 new balance will be $12,100 with a 0% APR, also until 3/31/19.
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!
So CC1 is offering a 2.99% APR for balance transfer. I have until March 31, 2018 to make the transfer and then the rate is good until March 31, 2019. After that, the transferred funds will be subject to whatever the variable rate will be at that time.
If I transfer the balance from CC2 to CC1, I have one year to pay off the entire balance, which as it stands now, is just under $20k.
Here is the promotion:
"Lose some rate with an introductory/promotional rate as low as 2.99% APR* on balance transfers through March 31, 2018. Just transfer the balance from a non-VyStar credit card. If you don’t have one yet, apply by phone or at any VyStar branch. The special low rate will apply to qualified balances until March 31, 2019. After that, your standard variable or non-variable APR will apply to any remaining balances. And, of course, there are no annual fees, no transaction fees, and absolutely no inactivity fees. Saving money is sure to make your new year happier."
Here is the small print:
"* APR=Annual Percentage Rate and is current as of January 1, 2018. Introductory/promotional rate is valid on balance transfers from non-VyStar loans/credit cards through March 31, 2018. All loans subject to approval and actual rate may vary and is based on an evaluation of the individual’s credit history. Rate on unpaid balances returns to standard variable or non-variable APR (currently as low as 10.35% - 14.75% APR) on April 1, 2019. Programs, rates and terms are subject to change at any time without notice. Certain restrictions apply. Balance transfers and cash advances do not earn rewards points or cash back. Business and Savings Secured VISA cards are not eligible for this promotion."
If it were you, would you go for this offer?
Here is a perspective on what my balances were a year ago and today.
NOV 2016 = 86,735.14
NOV 2017 = 84,213.18
NOV 2016 = 17,764.25
NOV 2017 = 15,990.72
NOV 2016 = 13,928.46
NOV 2017 = 11,564.48
*** NOT TRACKED IN 2016
NOV 2017 = 8,315.19
Goals for 2018 to bring CC2 to zero. CC1 down to $6,000.
Hope you all had a nice summer!
I've been contemplating cashing in some of my IRA to pay off CC2. I can afford the penalty. But I can't continue this treadmill anymore. I have to pay off something. There will still be a large balance in my IRA account.
Once that is done, I need to get down to business to pay off CC1. My goal is to have it paid off by end of Summer of 2018.
All that will be left is my student loan and mortgage.
As you can see from my sidebar, I have a hefty credit card balance to pay.
I have a 720 credit score. With that, I am looking for a credit card with the following features:
1. No annual fee.
2. Balance Transfer with 0% APR.
3. 24 month term minimum on 0% APR.
4. The most likely card that would grant $20k credit.
I am prepared to pay $400 per pay period ($800 per month) before the end of the term to get this albatross paid off.
If you are perusing the rates for a card similar, will you send me a link?