September 2014 Credit Card Update + Balance Transfers

I haven’t updated our credit card debt in more than one year.  A lot has happened since that update in February 2013. I offer no excuses, only the facts.

Here’s where we were before with a total of $13,915:

  • AMEX $4,572
  • Chase $8,280
  • Wells Fargo Line of Credit $1,063

From February to November 2013, the AMEX bill had increased to $6,654. The interest rate was 13% so I decided to do a balance transfer to one of my Chase cards. The current balance on this debt is now $12,402.

  • Chase I (Formerly AMEX) is now $5,790 (Currently 0% interest)
  • Chase II is now $6,612 (Currently 8.99% interest)
  • Wells Fargo Line of Credit is $0

Unfortunately, we have absorbed more debt in two ways. First, my husband is now disabled and unable to work. His business had one credit card at 15% interest. I balance transferred to another of my Chase cards (this is the third Chase account and it is a business account) and the amount remaining currently is $5106. The interest on this card is at 0%.

The other way I have absorbed more debt is because my sister had to have some car work done back in October 2013 and she has been unable to make any payments. Thankfully the minimum payment is only $25. I wish I could pay it in full or at pay more than the minimum, but my budget is maxed.

My mother moved in with us last fall and after she had been here for six months I asked her to please help with $200 each month.  My son also receives supplemental security income but other than that, I am now the sole breadwinner. For a long time I have been the primary breadwinner, but now I am the only one earning an income.

As I wrote about in my last post, I now also have a car payment and my insurance increased.

I have one credit card which is at 8.99% interest. I’m paying just over $50 in interest each month. I desperately need to transfer that money to another account. I should have done it a year ago but I have been so strapped for time what with work, caring for my family, etc., that I just let it go.

My mom has started to feel better, so much better that I’m finally beginning to reclaim some of my free time for my own, and one of the things I’m going to do as soon as possible is to find a card to transfer the balance.

My debt to credit ratio is probably not very pretty right now, having just gained another huge debt in the form of a new car so I would rather use the credit cards I have available to transfer balances, if at all possible.

Chase won’t let me transfer money from one account to another, so I will need to contact other credit card holders to see if my accounts are still active – I shredded the cards long ago.  As far as I know I still have a Discover account, and a Citicards account. I’ll be contacting them to see if they are currently offering any balance transfer specials. I don’t know if American Express does balance transfers, but I will be contacting them as well.

I could attempt to sign up for brand new cards to transfer balances, but I wasn’t too impressed with my one experience. Basically the cards I applied for didn’t give me much money to work with. I’m concerned that I’ll apply for cards but my limits will be $2000 or $4000.

I put my sister’s car work on my Bank of America card, but before I transfer any balances I want to have that card at $0 so as to not commingle the funds.  So… basically that means I will need to find a way to pay that amount which is around $700. Then I’ll be transferring the balance from Chase II to the Bank of America card.

Chase cards I and III are at 0% interest until December so I still have some time to check out my options.

Sometimes when I visit my blog I see my old header, but there should be a new header. My header now says, “Never Gonna Get Out of Debt Again”.  I feel even less hopeful that I will ever get out of debt, but I will keep trying. At least now I have more of an understanding for why this journey has been so difficult.

So basically, here is where I am at now with regards to credit card debt:

  • Chase I (Formerly AMEX) is now $5790 (Currently 0% interest)
  • Chase II is now $6612 (Currently 8.99% interest)
  • Chase III (Business debt) $5106 (Currently 0% interest)
  • Bank of America $687 (Currently 9.5% interest)

Grand total credit card debt: $18,195.

Years ago I had gotten to that point where as soon as there was anything available on the card, I would need to use the card just to make ends meet. I am grateful that at this point in time, I am able to make payments on these cards without needing to recharge the balance.

Thanks for reading.

 

 

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5 comments to September 2014 Credit Card Update + Balance Transfers

  • Hopefully, we’ll win the lottery or get an unexpected inheritance, amen?
    Deborah Collins recently posted..Is the Virgin Mary Appearing on Earth?My Profile

    [Reply]

    Mrs. Accountability Reply:

    Well, since I never gamble, I probably won’t be winning the lottery any time soon. I have thought about stopping by one of the casinos on my way home from work and just playing a few dollars a day on the slot machines to see if I would ever win. I don’t think there is anyone left to give me an inheritance at this point so I don’t even hope for that. Thanks for stopping by and commenting, Deborah! ~Mrs. A

    [Reply]

  • Walnut

    Is there any way to liquidate any of the business assets to cover the credit card debt on the business? Will your sister be in a better place soon to be able to cover some of the repair bill?

    [Reply]

    Mrs. Accountability Reply:

    Good suggestions, but not an option. My sister keeps telling me she is doing her best but she is struggling to make her minimum payments on the credit cards she has in her name so I am not holding my breath. Thanks for stopping by and commenting! ~Mrs. A

    [Reply]

    Walnut Reply:

    @Mrs. Accountability, I would at least let your sister know that even $10 or $20 per month helps eat away at the debt. I understand that times are tough, but it doesn’t have to be overwhelming. You’re in a situation where you’re barely able to afford the minimum payment as well.

    [Reply]

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