With tomorrow’s paycheque, I will have paid off one of my balance transfers! My RBC Visa will be at zero after the payment goes through on Tuesday. That means I will have paid off $2000 in about 7 months, and that was simply by chipping away at it, paying about $50-75 over the minimum payment each month. After it got down below $1000 I started paying off the same amount each month, so that I was paying off more each time. I’m very excited about this as it means I’m making some progress, some visible progress.
Yay!
You’ll also notice that I updated the Current Debt widget on the sidebar to give you running totals of my current debt. With this one card paid off, I thought it might be nice to see the running totals of the other ones as the fluctuate, so as to hopefully give me more encouragement in my efforts. The MasterCard is the one I’m most worried about right now, because while I’m enjoying the 0% interest on it, that deal expires in January some time (I have to call up the issuer to find out precisely where, and to see if maybe they can roll it into a less than 7% deal as well.) I’ve been making good progress on it, as the initial transfer was just under $10,000, so you can see that I’ve paid off almost $2000 on that one as well in 11 months. I’m going to give them a call this week to see when the deal expires, and to see what they can do for me on the remaining balance. My lines of credit have interest rates of 7 and 7.5% respectively, so I could always just transfer the money over there, however as you can see, I don’t actually have enough room for the whole amount anyways, so I would rather just leave it where it is, but see if I can get a similar or better deal once this one expires. Stay tuned for updates on that.
