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Now, the Question is…Who Should Get the $5,600?

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I received my overpayment refund from Credit Card #3. Now, the question is … who should get it?

Credit Card #2 appears to be the logical choice. There’s $22,041.93 sitting on that card at 16.49% (the highest rate of all of my cards). You may be wondering why I am even contemplating another choice.

Well, my overpayment refund combined with my tax refund will be enough to pay off Credit Card #4 completely. That balance is sitting there at 14.9%.

What I am thinking of doing is using my refunds and paying off Credit Card #4. As they have always done in the past, they have offered great balance transfer offers (usually around 2.9 – 4.9% for 6-12 months) when my balance is low. They “should” do that again if the card is paid off.

So, the two scenarios are

$8,000 at 4.9%
$14,000 at 16.9%.

or

$8,000 at 14.9%
$14,000 at 16.9%

But what if Credit Card #4 doesn’t offer a great balance transfer rate? Is it a good enough chance to take?

Any advice for the debt-fighting newbie?

Technorati Tags: credit+card, debt, credit

If I Had a Nickel …

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How many times have you heard, “If I had a nickel … (and then something like – for every time blah, blah, blah)”.

I’ve heard that alot, and here’s my latest one:

If I had a nickel for every time I’ve goofed up on my road so far to become debt free, I’d be a millionaire.

Okay, so I haven’t goofed up that much – but I have made some blunders.

Like the time I initiated a balance transfer to the wrong credit card.

Or, like the time I paid my credit card late by one day.

Or, like the time my husband received an inheritance and it was spent unwisely.

The point I’m trying to make is that we ALL make mistakes. Just learn from those mistakes and don’t make them again. Reducing your debt is not an easy thing to do. If it was, there wouldn’t be so many of us blogging to track our progress to get rid of it. Just pick your head back up, look straight ahead at your goal, and reach it.

Now, will I ever enter in the wrong credit card number when doing a balance transfer again? You bet yer britches I won’t! 🙂

*Article included at the Carnival of Debt Reduction #31 at Canadian Capitalist
Technorati Tags: debt, credit+cards, debt+reduction