Update on the Discovery Card Debt Reduction Plan

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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