Let’s All Throw Some Money at Our Problems: December Check-In

It’s time to check in with our debt payments again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.

Mike: Congrats on paying off your J. Crew card! The interest rate on the card was killer, so I’m glad you did it. It’s a wonderful way to end the year.

Logan: I suppose I need to start SNOWBALLING now … but Imma think about that later. How’s Cali??

Mike: Things are nice and slow here! And noticeably more sunny, because there aren’t any high-rises where I am. What is the next card you’re planning on paying off?

Logan: Okay, so I’ve been going over my card balances. And this is silly—I’m not sure why I’m doing this—but I’ve been paying double the minimum on my highest balance but lowest interest card. So I need to do some adjustments all around.

Mike: Haha, yeah. Hit that lower balance, higher interest card! It’s like snowballing and avalanching at the same time. Best of both worlds.

Logan: I think either the minimum used to be higher on that card and then went down as I paid it down? Or it was the easiest way to transfer my old car payments to a credit card. WE MAY NEVER KNOW. Ugh and here’s the other thing: The two cards that used to have 0% APRS, no longer have 0% APRs.

Mike: Start hitting whatever has the highest APRs next. I think that’s your best bet. So which card have you decided to focus on next?

Logan: Barclay Card.

Mike: Yay! I suspect you’ll get through this one in no time.

Logan: IMPULSE PAY OFF.

Mike: Haha. There should really be an app for that!

Logan is now paying off a Barclay Card, which currently has an APR of 22.99 percent, and a minimum monthly payment of $47.
Nov. 2012 Balance (J. Crew): $240.69, now paid off!
Dec. 2012 Balance (Barclay): $1,642.36

I’m paying off one of my Sallie Mae Private Student Loans, with a current interest rate of 4.5 percent, and a minimum monthly payment of $55.
Nov. 2012 Balance: $1,270.15
Dec. 2012 Balance: 1,190.42

Give us your updates below. As always, if you pay off a debt, email me, and I’ll mail you a personal note to congratulate you.

 

See previous months here.

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57 Comments / Post A Comment

WOOHOO! Congrats Logan! Post your address here and we’ll all send you congratulations cards (hahaha what could go wrong?)

andnowlights (#2,902)

@redheaded&crazy I LOVE this idea!

OhMarie (#299)

@redheaded&crazy Hahhahaha, yay! DO IT, DO IT, DO IT!

Dancercise (#94)

Yay, Logan!!

Car loan
November: $11,315
December: $11,123
Minimum payment is $233, but I’m paying $250. Interest is 6.99%. Planning to refinance in January after I can get my free annual credit report and make sure there are no surprises.

Credit card
November: $800
December: $711
Minimum payment is $25, but I’m paying $89/month to pay it off before the interest kicks in.

TARDIStime (#1,633)

Currently in Zero Debt, so have not paid any off this week.

About to start shopping around for Universities to study my Bachelor of Health Science at, though, so hellO $43,000 FEE HELP debt to the Australia Govt.
I know we don’t worry about student loan debt in Australia but I really think it’s to our detriment. So I plan to make up-front payments while I still earn below the wage that I will have my pay automatically garnished, so as to avoid as little interest as possible and pick up my 10% discount!

andnowlights (#2,902)

LONG time reader (I even read all the archives when I found this site!) but first time commenter to share something that I’M SUPER EXCITED ABOUT!

Medical bill: $5,500 dollars from an emergency gallbladder removal in 2010. I had health insurance, but it wasn’t that awesome so I was stuck with 25% of the total bill. Two 1000 mile moves, 12 months of unemployment, a bunch of family emergencies later, my husband and I paid the balance off this month. He’s a grad student, working part time at best and I was the one who was unemployed for 12 months, but it’s gone and I am so, so proud of us. We did it without parent help, too, which is even more excited.

Just had to share! :)

Edited to add:
December 2010: $5,500
December 2012: $0!!!!!!!!

ThatJenn (#916)

@andnowlights This is so great! Congratulations! You should definitely have Mike send you a note about this. And frame it. :)

OhMarie (#299)

@andnowlights Oh man, that is amazing!!! So sad that you had to pay that much for an emergency, but I’m really proud of you that you could do it under such tough circumstances. FOR SURE have Mike send you a card.

Dancercise (#94)

@andnowlights
Congrats!!! That’s really awesome.

megsy (#1,565)

28 Nov 2012 $7,924.20
20 Dec 2012 $7,403.18

I have been focusing on making room on my line of credit for the massive tuition payment due at the end of Jan. I did also pick up a part time/casual job serving liquor store samples to try and help pay things off. I hate debt. I can’t imagine how good it will feel to be debt free.

albatross (#2,020)

I finally sorted out where all my student loans had gotten to and what each payment was, etc. Which landed me with the pleasant surprise that I have a) paid off nearly 9K of them in the past 5 years (out of 40K, not bad) and that there’s one for $5300 with a minimum pay of $35 that is ripe for me kicking more money at. So 100 to that for this month.

$400 to my credit card today! I put travel expenses for a conference on the card (which was already hurting from my recent move) and got my reimbursement recently, so I put almost the full check towards the balance on my credit card. I reserved some for unforeseen holiday expenses, but I plan to kick at least $200 towards that card every month until it’s paid off. I get 15 months of 0% APR, so hopefully I’ll have it paid way down (if not all the way off) by the time whatever ridiculously high APR I signed up for kicks in.

questingbeast (#2,409)

Congrats Logan!

Oh no oh no I was hoping we would forget about this this month.

USAA Credit Card:
Nov 2012 balance: $1,086
Dec 2012 balance: $1,7something
Paid this week: $175
Will be paid next week: $450
Remaining: $1075

My goal of getting this card under $1000 by the new year is not going to happen, thanks to some unforeseen health costs (or rather, unforeseen that they would be several hundred dollars). So I paid off $10 this month, but – progress! (right???)

@polka dots vs stripes PS Congrats Logan!!

ThatJenn (#916)

@polka dots vs stripes Hey, things come up and that’s why you have a credit card! (And why once we get this credit card debt paid off we’ll focus on an emergency fund….) You are doing great, so give yourself a break, as you will be far better off going into the new year than you would have been if you hadn’t set that goal (well, probably anyway, if you’re at all like me – goals motivate me to perform better even when I’m falling short of them).

ArizonaTime (#2,694)

Paying off my “I don’t have enough cash to move to New York City loan,” 4% interest and $147 minimum monthly payment.

November Balance: $4,209.79
December Balance: $4,069.48

I was also approved for the AMEX Delta Sky Miles credit card this week, which has much better APR and perks than my pre approved card I had through college. Felt like that was a credit accomplishment for myself!

selenana (#673)

Hello, Sallie Mae 3% loan
Last month’s check in: $6476.95
After an extra $100 payment today: 6271.98
(My minimum payment is $117.)

Still chipping away at this thing. Hoping for a new job in the near future.

it_grrl (#2,903)

This month I’m taking 10% and a year of repayment off my federal student loans with some saving bonds my Grandma bought for my 0th, 1st and 2nd birthdays. I am way too excited.
November Balance: $11,199.53
December Balance: $10,005.21

It still feels like a long time and a lot of money, and I really had to fight not to do something stupid with those bonds. But long run, I’m glad to have freed up a year of my life down the line.

LookUponMyWorks (#2,616)

@it_grrl

10% AND A YEAR!!! That is awesome! Go you!!

LookUponMyWorks (#2,616)

So this month I paid off a federal student loan. It was my smallest loan, but had the highest interest rate.:

December 1: $3,280.37
December 21st: GONE!!!

Still many thousands of dollars in debt for undergrad and grad school, but I still get a thrill when I think about having paid of one of those loans in it’s entirety!

EDITED to add: GO LOGAN GO! That is awesome!

CubeRootOfPi (#1,098)

@LookUponMyWorks Congratulations!

it_grrl (#2,903)

@LookUponMyWorks GONE!!! How awesome! Congratulations.

notpollyanna (#2,841)

This is my first time playing:

2007 student loan = $27,981.15 @ 3.71%
2006 student loan = $24,351.62 @ 3.71%
2004 student loan = $4,249.71 @ 4.89%
Total = $56,582.48
(Original total = $106k in 4 loans in 2008. I was being paid in coco puffs, but I paid off a shit ton of debt by, miserably, living at home.)

I have enough to pay off my 2004 loan from cashing out the retirement account at my old job. I have 2 sets of checking and savings accounts; I changed banks after a got a new job and moved, I have money in all 4 accounts and have been waiting until all my direct deposit and debits are happening in the same account before closing the old accounts. Once that happens, I will pay off the 2004 loan! At that point, I will put the other two loans on direct debit (the autopayments go crazy when one of the loans is paid far ahead), which will reduce the interest. And. And! I will be eligible for cosigner release in a few months, completely separating my finances and my parents’ finances! And I will have an extra big refund at tax time from the retirement cash out (they set aside 30% for taxes when you cash out, but I pay way less than 30%, so I will get a lot of that back).

I have a handdrawn graph of my debt total on my refrigerator and I love seeing it drop off precipitously. I also have a line showing how my loan would reduce if I had paid the minimum every month; it is so satisfying to see how far ahead of that line I am!

la_di_da (#1,425)

@notpollyanna That graph sounds soooo like something I would do, were I not super lazy. Why don’t they offer that when you ask about repayment options? Good planning!

CubeRootOfPi (#1,098)

I’m paying the minimum on this student loan until I save up a certain minimum on my emergency fund (which should be by the end of January). Then I’ll still save for the emergency fund (goal is to get to 8 months), but will focus more on the student loan. I’m hoping to pay it off in a little less than 6 years.

eagerber (#1,958)

I worked a second (and third) job this fall, so I’ve been putting a major dent in my car loan. I’ve put over $3k towards it since September, which I’m feeling awesome about. Now I’m down to just my second part-time job, and only working there as a sub now (in order to devote more time to my grad school thesis). So this month I’ve put two paychecks towards it, totally roughly $110, in addition to my monthly payment of $205.97.

USAA Car Loan:
September 1, 2012: $3,576.36
December 1, 2012: $795.11
December 20, 2012: $485.40

I’m hoping to get a few monies at Christmas–my goal is to get this paid off in January!

Sidenote: My student loans all have interest rates of 6.8%. How do people get lower interest rates? I’m shocked at the 3.71%, or lower, rates out there.

Slutface (#53)

Congrats Logan!

charmcity (#1,091)

I paid off my last student loan this month! I haven’t gotten the official letter in the mail, so it doesn’t seem real yet. So my major 2012 resolution is complete. 2013 is going to be about building my savings back up again, ’cause I went into them a little bit to be rid of Sallie Mae once and for all…

Here’s a mini-WWYD: I applied for a new consolidation loan, to rope in my grad schools loans and because Sallie Mae are idiots who can NEVER get my IBR payments right. After a confusing and somewhat dismaying flurry of paperwork back and forth with the Feds, it now looks like my consolidation will go through. But they have my AGI listed as $0 which means my IBR payments are also $0.

So: Should I send in my income documentations for the THIRD time and hope they get it right? Or just take the $0.00 payment in January until my W-2 for 2012 comes in and send them that?

selenana (#673)

@stuffisthings I always get IBR and IBS mixed up.

@selenana Understandable: the results are often the same.

ThatJenn (#916)

@stuffisthings In your place I’d probably try again before the W-2 comes in, but only because I’d be worried that they’d figure it out and not tell me and then I’d have a late payment somehow.

maude (#1,988)

Hurray, Logan! You really inspire me, seriously. When you finally pay it all down, we should all meet up for a big online party!

Here’s my update:

Visa Classic Low-rate
APR 11.99%
November 2012: $757.27
December 2012: $23.96

Credit Line
APR 7.49%
November 2012: $13,948.22
December 2012: $13,779.48

Money has been tight this past month because my research contracts end, I have holiday travel costs, and I don’t know when I’ll be renewed again for more work (my boss is waiting on her own funding renewal right now). So that just leaves me with a relatively small stipend until next September.

I worry a lot about trying to pay down previous student debt while I’m still in school, but my undergraduate loans are in the form of a regular bank line of credit with more than 7% interest and so once tuition & rent is paid, I dedicate a portion of any scholarships (if they’re big enough) and almost all of my research assistant income to making a dent in my debt. (I live in a really cheap, shared apartment, which helps make this possible.) So far I’ve been able to keep up with bi-weekly payments, but unless I receive another generous round of funding next September, I don’t think I can really continue to put anything more than minimum payments toward my debt (and after my credit line is paid off, I still have another 6800 in provincial loans – currenly 0% – to pay down, too). I want to do the snowball method, but my income just isn’t predictable/regular enough. :(

At least I’ve made progress, though? Are there any other current students on here trying to pay down their debt while they’re still in school?

la_di_da (#1,425)

@charmcity Me too! Well, except for one loan (see below). I’m saving up, but at the same time I have a wedding in Farawayland to go to next year sooo…we’ll see how long those savings last.

Student loan
November: $1,506 at 2.3%
December: $1,458

slowly but surely. :)

joyballz (#2,000)

Credit Card that I’m trying to pay off before interest starts:
November: $445.97
December: $301.83

julnyes (#2,807)

My first time posting regarding my debt (slightly nerve-wracking)but I hope publicly posting it will help me keep motivated. So I am following the avalanche method and here is the card I am focused on paying off first since it has the highest interest rate:
Citicards
November 2012: $3,926.05
December 2012: $3,767.13

BornSecular (#2,245)

So my husband came clean to me last week that he had put over $3500 in charges on our credit card and had been hiding them from me for over a year. Yeah. Merry Christmas to us. So thanks to a $2800 check from his parents and a dip into our savings, we paid off ~$3800 this week. I cannot stand paying interest to the CC companies. Even though it means being even further in debt to his parents, 0% interest is the way to go for me. We are setting him up on a payment plan to them and I cut up his credit card. Also he no longer has access to the credit card website.

ThatJenn (#916)

Main card:
11/28 balance: $3,305.79
12/21 balance: $3468.78 (this is obviously my main priority over the next couple of months)

Home Projects Visa:
11/28 balance: $300.00
12/21 balance: $0! (I’ve paid down $6236.44 since June; I’m happy with this since it started at $8800+ in February and I was on a 3-year payment plan. This was my financing for my furnace/AC in my house, so I could shut this card but I think I’ll just leave it to keep my debt-to-available-credit ratio lower.)

Car loan:
11/28 balance: $20,331.76
12/21 balance: $19,968.71 (I’ve paid down $2023.08 plus interest since June, and am on track to pay it off July 2017, earlier than the December 2017 date originally planned – my minimum payment is $347.55 but I pay $380/month towards it)

Mortgage:
11/28 balance: $108,479.95
12/21 balance: $108,224.50 (I’ve paid down $1,523.66 plus interest since June, and am on track to pay it off in April 2037, heh)

Savings goal:
11/28 balance: $1052.43
12/21 balance: $1706.24 (I’ve saved $653.81 since November; I’m trying to get to six months’ worth of my minimum expenses)

Emma Peel (#317)

I managed to get myself into a bit of stupid credit card trouble this year – total balance: $4,570. yikes! – and am Getting Serious about paying it off in the upcoming year. (Luckily, I have a freelance check/tax refund/Christmas money combo coming that will knock off more than a third of it by the end of February.)

Starting with the highest interest rate, on my Chase Freedom card:
November 2012 balance: $1,069.16
December 2012 balance: $1,000.01

And I just redeemed $22.67 of cash rewards on that card, so…
Final December 2012 balance: $977.34

RocketSurgeon (#747)

I did my consumer debt payoff a couple years ago, and pay my credit cards in full each month, so now my only real debt is student loans. I put $400 a month on them, which is higher than the $260 that’s required, but probably not as much as I should be throwing at them.

Nov. 2012: $37,906
Dec. 2012: $37,268

Ellie (#62)

Here’s a question. For those of you with student loan debt, does it “bother” you/do you think of it as “being in debt”? I have student loans I’m paying off, but I don’t factor them into anything at all. Like, if you asked me if I were in debt, I’d say no. Almost everyone I know has student loans, I pay it every month, I went to college, and someday, theoretically, they will be paid off, but in the meantime I couldn’t care less about it nor do I give it a second’s thought except for the minutes in which I’m making the monthly payment. Should I be feeling anxious about the fact that I have student loans?

RocketSurgeon (#747)

@Ellie I mostly feel the same way. I don’t consider myself in debt, even though I still have some hefty loans. The only thing that feels debt-like about them is that they limit my freedom to make choices somewhat. I didn’t have them, I’d be less concerned with my salary, and could consider moving do a different and perhaps lower-paying job either in the US or elsewhere. But I have to make those payments…

Emma Peel (#317)

@Ellie I do think it’s really interesting how we value and devalue certain types of debt. I don’t have student loans (if I did, I strongly suspect I would look at them the same way you do), but I do have a car loan and some consumer debt.

I view these two loans completely differently from a moral perspective. I think it helps to a degree that the car debt was a lump sum, at a low interest rate, co-signed (and hence approved) by my financially savvy parents, and that the balance has only gone down in the two and a half years I’ve been paying it. (18 more months to go!) It never really occurs to me that I should pay it down faster, because the interest rate is so low and I want to start putting that money in savings automatically once the car is paid off, so it’s not like I’d see an immediate benefit.

My consumer debt is much lower, and it doesn’t stress me financially, per se (I’ve paid off a hunk, albeit a smaller hunk, of credit card debt before; I know I can always make the minimum payments, and I know that it’ll be more under control before too long), but it does make me feel like a less worthy person and I am very anxious about it.

eagerber (#1,958)

@Ellie I agree with both Ellie & Emma, in that I view my student loan debt in a more lax fashion than my consumer debt and debt from my auto loan. I grew up with parents who paid for cars in cash and who never used credit cards except for business trip expenses, and the occasional back to school clothing trips at Macy’s. I’m the first person in my family to take out an auto loan, and my dad balked at me for doing such. Thus, I’ve put every extra penny I can towards that, even when that loan has a much smaller interest rate than my student loans or credit cards–I do this more out of seeking approval/respect from my parents, while somewhat agreeing with them that it’s unreasonable to be in debt for such luxury as a functioning car! (My previous four cars collectively cost under $3k, and each died a miserable death in my care. I should note that while these cars were super cheap to acquire, they were PRICEY to maintain.)

I pay my credit cards each month, but sometimes not in their entirety, so I know exactly how it feels to have recurring debts and to feel shame because of it. I guess I don’t feel the same shame towards my student loan debt, because I’ve even gotten backing from my parents (and society!) for carrying this form of “good debt.” But debt in general makes me queasy, so I’ve always had two jobs, sometimes three, to feel more in control of these situations.

If I didn’t have to worry about student loan debts, though, I would most likely want to swap out my second job for volunteering time at organizations I admire.

notpollyanna (#2,841)

@Ellie I definitely view my student loan debt as big time debt problem, but there are probably a few things that influence that aside from the fact that it has been a soul crushing experience that has made me very very debt averse. There were a bunch of medical problems and bad advice that got together and meant that it took me 6 years to graduate with a BS in Humanities and $106k in debt. I graduated in 2008, straight into the crisis, and my job for those first four years paid $25k. That meant I was making ~$1500/mo and my debt minimum payments were ~$870 a month. So that was… awful. I had to live with my parents because $680/mo does not go far, especially when my ongoing medical expenses were ~$200-$400 a month. OMG, yes, that is debt.

@Ellie this is my first comment ever on here, but I wanted to weigh in on this one. I would probably view consumer debt differently (did briefly carry a credit card balance while I was in university and it made me pretty panicky) but I definitely view myself as being “in debt” for having student loans. Maybe because my husband and I pay a little over $1100/month on our loans? Maybe because I do know a fair number of people who graduated without loans? It certainly has a pretty significant impact on our monthly budget.
Oddly, the six figure loan we’re in the process of signing up for (mortgage on a house! Yay!) doesn’t seem to have any impact on my sense of “indebtedness”

RocketSurgeon (#747)

On the flip side, I was inspired by the Billfold to get serious about my inexcusably meager savings account. Back in June, I opened a Barclay’s account with the goal of saving $5000 by the end of the year. I just put my last deposit in to make that goal. That plus an early wedding gift from my dad means that I have a legit 5-figure savings account balance for the first time in my life.

la_di_da (#1,425)

@RocketSurgeon I think we do need a savings goal on here too. Would that get weird if one of us was like “and now i have a BILLION dollars”? I don’t know. I need to save. I’ve put $2,500 in an emergency fund a couple months ago and I’m up to $2,750 which will last me about 45 days in New York City, should I ever lose my job. Ew.

ThatJenn (#916)

@la_di_da @RocketSurgeon Mike suggested last month that we use this post as our savings check-in, too, though it didn’t get mentioned in the post above. Soooo this month I included savings in my always-long comment above.

la_di_da (#1,425)

@ThatJenn I love your always long posts. That is what real life looks like.

ThatJenn (#916)

@la_di_da Aw, thanks. I have some sort of compulsive need to bare my entire financial life to the internets for approval, apparently.

Sloane (#675)

Yay Logan! That’s awesome!

I’ve been pretty haphazard about paying off my debts. I’ve had student loans in repayment for 3 years, and at times, I’ve been really aggressive about paying them, at times I just paid the minimum.

But in August, I realized that I was paying about $125 in interest…still…even after those times of being aggressive (my loan balance at that point was about 19K – down from 40K at graduation). That’s when I decided to pay a big chunk (10K), and to pay as much extra each month as my budget would allow.

At my November check-in, I wasn’t sure whether I’d pay off the student loan this month (um, more waffling). But here’s my update: I have no debt!

Here’s the breakdown:
Student Loans:
Original Balance (12/2009): ~10K at 7.55% (paid off March 2011) and ~30K at 6.55% (see balances below)
Monthly minimum: $91
November Balance: $2555d
December balance: $0.00

Car Loan
Original balance: $13K at 3.9% (March 2012)
Monthly minimum: $250
November Balance: $6105
December Balance: $0.00

I had a year-end bonus that I was totally not expecting and that I am so incredibly grateful for. I “saved” more than half of it by throwing it at my debt. (And I also gave some to my church, treated some friends, and used some on myself!).

So, I’m starting out 2013 with no debt! Now I just need some savings….

ThatJenn (#916)

@Sloane This is so awesome! (I just noticed it.) Congratulations on both accounts! I hope you’ll check in regarding savings whenever we do the January post.

pawnknee (#2,911)

Short time lurker, here. I really enjoy this site, thanks Mike and Logan. It’s been helpful and inspirational for my personal debt issues. This year I decided to grow up and pay down my revolving credit card debt and start saving. It helped that my hefty student loans were paid off unexpectedly (a very long story involving defaults, judgements, and corporate malfeasance).

Anyway, I’ve nearly paid off my my main credit card, that I’ve been carrying a balance on for years, from $5580 in April to $1382 as of this month. I will have the balance paid off by February if all goes according to plan. Interest rate is 11.99%.

However, I bought a computer this year and have been paying the minimum on that, since June, with 0% interest for a year. Aaaand, I did a balance transfer from that main credit card to the computer credit card for $1000, also at 0% interest. The balance on this card is now $2830. This should be paid off by June, just as the 0% interest for the computer ends.

LOLS, I’m not done yet unfortunately. Once I got the balance down on my main credit card to below $2000, I decided to get a card with reward travel miles, because I WILL use them. This is a new card, and while it already has a balance of $825, more than half of that is allocated to work expenses I’ll be reimbursed for. If we don’t count those expenses, the actual balance is $320. This card should be back to $0 by the due date next month, because yikes! The apr is 20.99%!

I could probably be debt free right now if not for also building my savings this year. My company and my industry are at a volatile moment, and I feared I could be jobless in the blink of an eye. My savings at the beginning of the year were not even enough to pay one month’s rent. Now I have just over $4k, and I switched savings accounts to one with a highish (for today’s standards) APY. I hope to more than double my savings next year.

So if you’re still reading this, again I thank the billfold for helping me get in the right frame of mind. I find that talking to friends about money is sort of awkward. Not everyone is in the same situation or has the same philosophy about finances. AND, when you tell people you’re paying things down or you’re saving so much, they seem to assume that somehow you have more disposable income to do expensive things with them. I’m going to talk less about my personal finances to avoid all this. Can’t wait for next check in!

logos3_1 (#2,821)

Thanks so much to Mike, Logan, and the Billfold for this series. I’ve been reading as it started, lurk-tastic – and it’s been fascinating and inspiring to see people tackling their debt.

I still can’t quite work up the nerve to post what I have, although goodness knows I obsess about it (refreshing Mint and willing the figures to go down if I stare at them long enough.) Suffice to say, I have student loans -and- revolving CC debt. The former is all at 0% interest forbearance currently; the latter is mostly at 0%-1.99%, through the “beauty” (ugh, not anymore, and it never was) of balance transfers.

I will try to tackle the latter one card at a time, since I will be starting an online tutoring job when I get back home from the holidays. Because when I am out of [yes, I took it on] Additional School, it will be time to pay the piper in a big way.

Apologies for posting on the Dec. check-in on this lovely January day, but I wanted to jump in feet-first. :P

Citibank Credit – $1,800
APR – was 0%, expired yesterday. As of today, it’s 14.21%.

I’m thinking that I need to dig my heels in and *not* transfer this to another card, as has been my practice. Because the cycle has been going on and on since 2007. Thoughts? (Also, though In Additional School, I am scraping to make ends meet, and my income amounts vary wildly per month.)

ETA: congrats, Logan – and to Sloane above, too!

ThatJenn (#916)

@logos3_1 I think you’re right to be concerned that you’re just transferring and transferring and never dealing with the problem, and you will survive a few months of 14.21% APR as you prioritize paying off this particular card. The transfers usually come with a flat 3% fee anyway, so if you can leave it where it is and pay it off over 3-4 months it comes out about the same cost-wise. Is that feasible? Do you need more time? (Even if you do, it might be worth paying a few extra bucks in interest to make you pay it down!)

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