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End of January Credit Card and Prosper Loan Balances


January was a wonderful month in terms of finance charges paid. It was less than $100. Thinking back to when I first started this blog back in February of 2006, I shudder at the $400+ dollars I was paying every month towards finance charges.

It has been a lot of work to shuffle debt around, but it has been worth it.

Right now, there are three balances that I do not have to worry about changing interest rates (the interest rate is for the life of the balance): CC #1, CC#2 and my Prosper Loan.

CC #7 is a different story. The 0% rate I have on CC #7 will expire in June of this year. June may seem far away, but I am looking for balance transfer offers now instead of waiting to see if anything is available at the last minute.

My “target” debt at the moment is CC #2 since it is at 6.9%. After that I’m not sure what debt I will target next. If I can get a nice balance transfer offer for CC #7 then the next debt to pay off is my Prosper Loan. If I do not have a balance transfer offer, then CC #7 will likely have an interest rate in the 16%+ range, so I will pay that off and then target the Prosper Loan.

The day that I only have to worry about paying one card off is going to be a happy, happy day πŸ™‚


  • Reply jim |

    It’s impressive that you’re only paying around 5% in interest to service $25,000 in essentially unsecured debt.

  • Reply mapgirl |

    Yay Tricia! I’m also shopping around for a BT for an expiring zero interest rate. The offer flood has stopped right now, so I have to wait and see what might trickle in.

  • Reply Tyler |

    Can you sell the things you bought on these cards to bring these balances down quicker? How about your cars? I rec. selling a TON of your possesions that even your kids think they are going up for auction on ebay! Could save you tons in interest and time!

  • Reply Jen |

    Wow – a $300 reduction in finance charges! That’s awesome! If you think about it, that’s $300 you can put towards the debt principal or your retirement. And, with your latest bump, it’s $300 less you have to worry about πŸ™‚

  • Reply Shauna |

    WOW! I never really thought about how much I’m paying in interest rates before, I just knew it was a lot. I just added mine up and it’s $210. I’ll definately be making some calls tonight to try and get those interest rates lowered!

    Thanks for the tip and I find your blog very helpful!

  • Reply Ginger |

    Thats good, I was one of those people who paid my 0% rate late so it went up automatic, so I am real affraid to try it again.We get a bonus is Aug. so maybe that will be the one I pay off.

  • Reply Maria |

    Having read this and having been inspired, I called 3 of our creditors and asked for a lower interest rate and they all said no. One said the reasons was because our account is over 24 months old and the other 2 just said they “don’t do” that. These accounts are very high, 20.99 to 22.65%. We never tried to get lower finance charges when we got accounts because we didn’t know to try to. We just took what was offered. But
    I am sure getting educated now, reading on this site. Thank you.

So, what do you think ?