So, a bit of background info before getting into this post. I used to have a lot more credit card debt than I do now -- a LOT more. One of my credit cards that had a crazy high balance ($5000+ I think) kept going over the limit, which just made matters worse. Even when I wasnt using the damn card, interest charges and fees kept me from getting caught up on it. So, they offered me a deal. They closed my account and dropped the interest rate to 0% in exchange for automatically withdrawing payments from my checking account every month for 5 years. Not too bad, since I couldnt use that card anyway.
Anyway, I just got off the phone with the guy from the credit card company. Each year, I have to call and set up a years worth of payments. At the end of things, he told me that I had 10 payments of $131 and an 11th payment of $90.50 and that with the payment on March 5, 2011, the balance would be paid in full.
WOO HOO!
Granted, this is only one account among several. But it is a great step in the right direction. Plus, that $131/month can now go to paying more on another account. And that will help get other debt to go away faster. So, the light at the end of the tunnel is visible. It isnt bright or very close, but it is definitely there.
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That is awesome Okturn! Also, they don't offer 0% on payoffs anymore. =(
ReplyDeleteBofA offered me 5%, which is still better than 27%, but I declined it.