At the end of March thanks to the encouragement and voting choices of my readers, I made a commitment to get rid of the debt on our Discover credit card since they’d jacked up our interest rate, and I thought I’d give you an update on how we’re doing with our goal. The balance starting out was $1902.98. The plan was to make a large payment of $710.00 and then make six additional payments of $209.
On March 30th, I made the first snowball payment of $710.00 taking our balance down to $1192.98.
On April 16th we incurred a finance charge of $22.73, and on April 17th I made the second snowball payment of $210.00, bringing the balance to $1005.71.
On May 12th, we incurred a finance charge of $14.11, and on May 16th, I made the third snowball payment of $250.00, bringing the balance down to $769.82.
Since I made the commitment to pay off this card, we’ve incurred $36.80 in finance charges. On my original post when I discussed how Discover had raised my rates to 16.49%, I calculated with Vertex42′s Credit Card Debt Calculator that I would pay finance charges of $58.37. Since I’ve made payments higher than $209, I anticipate the final finance charge totals to be a few dollars less than $58.37.
Yours Truly,
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Whoo Hoo! Looks like you’re almost there.
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Keep paying it off as much and as fast as you can. Yes they company will continue to charge interest on the balance of your debt so it is in YOUR interest to get this balance down as much and as fast as possible. There are a number of useful articles on http://debtconsolidationreviews.org/resources.shtml that can help with this too.
[Reply]
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