I added up what I pay nowand it comes to $2,522 a month. And, I have gotten my most recent statements to find out what the current minimum payments are. Here is what that looks like
Line of Credit currently pay $545 a mo actual min due 541 difference is $4 a mo
Visa one 275 a mo 270 5
Visa two 205 a mo 205 0
Personal Loan 205 a mo 205 0
Medical Credit Card 165 a mo 159 6
I don't know, so far I have $11 a month. Maybe this idea won't work, but I will do the rest anyway.
Master Card one 165 a mo 159 11
Credit Card one 160 a mo 154 6
Veterinary Credit Card 135 a mo 130 5
Master Card one 50 a mo 25 25 !!
Visa three 19 a mo 17 2Furniture 109 a mo 109 0
Car Repair Card 89 a mo 39 50 !!!!
Auto Loan 350 a mo 350 0
Office Store Card 50 a mo 25 25 :)
Looks a little more promising, so let me add them up. The total difference is....
$135 a month!!! Okay, it may not seem like much, but I'm excited. I don't have any month left over at the end of my money, so finding $135 is very cool!
Now I am going to start playing around (on paper of course) with the best way to use this money to pay down the debts faster, because right now it is all going into the black hole of monthly payments and doesn't seem to be making a dent in my balances.
What do you think of this. Have you taken a look to see if you might be doing the same thing? Do you think this will work?
Showing posts with label paying the minimum on credit cards. Show all posts
Showing posts with label paying the minimum on credit cards. Show all posts
Saturday, December 12, 2009
Friday, December 11, 2009
The Juggling Act
Today I am going to learn how to juggle. Actually, I have been juggling for years. Delaying one payment for another, taking money from one place to pay a more important bill somewhere else. It really wears me out to keep all those balls in the air. So far, it's been working, very few late payments, no collections. But if I let just one ball fall, I'm afraid everything will come crashing down. I need to find a better way. So, I guess I know how to juggle, but I want to be a pro juggler.
Today's plan is to add up all the payments I am making, and see which ones are more than the minimum.
Once again, here is my list of debts. I have not included regular bills, like utilities and insurance, just my debt.
Line of Credit $30,016 bal $545 a mo 9% int
Visa one 8,119 bal 275 a mo 26% int (WOW, I know)
Visa two 11,000 bal 205 a mo 11% int
Personal Loan 5,463 bal 205 a mo 8.25% int
Medical Credit Card 6,664 bal 165 a mo 11.9% int
Master Card one 9,165 bal 165 a mo 9%
Credit Card one 7,695 bal 160 a mo 4.9%
Veterinary Credit Card 2,070 bal 135 a mo 23%
Master Card one 1,009 bal 50 a mo 12%
Visa three 853 bal 19 a mo 9%
Furniture 1,600 bal 109 a mo 0% (I did buy some furniture)
Car Repair Card 1,565 bal 89 a mo 22%
Auto Loan 1,891 bal 350 a mo 5.75%
Office Store Card 261 bal 50 a mo 24%
The monthly payments add up to $2,522.00 a month. I already know that. But the point is to see if there are any that are more than the minumum. I use online bill pay from my bank to make the payments automatically. The same amount each month. So, I am assuming some of the minimum payments have gone down as the balances have declined. I just figured I would let the little bit of extra go to paying down the balance a little faster. But I want to see if there is a better way.
So, I need to drag out all my bills, and take a look at the current payment due. This will take a while.
Are you a juggler too? What do you do to keep all the balls in the air?
Today's plan is to add up all the payments I am making, and see which ones are more than the minimum.
Once again, here is my list of debts. I have not included regular bills, like utilities and insurance, just my debt.
Line of Credit $30,016 bal $545 a mo 9% int
Visa one 8,119 bal 275 a mo 26% int (WOW, I know)
Visa two 11,000 bal 205 a mo 11% int
Personal Loan 5,463 bal 205 a mo 8.25% int
Medical Credit Card 6,664 bal 165 a mo 11.9% int
Master Card one 9,165 bal 165 a mo 9%
Credit Card one 7,695 bal 160 a mo 4.9%
Veterinary Credit Card 2,070 bal 135 a mo 23%
Master Card one 1,009 bal 50 a mo 12%
Visa three 853 bal 19 a mo 9%
Furniture 1,600 bal 109 a mo 0% (I did buy some furniture)
Car Repair Card 1,565 bal 89 a mo 22%
Auto Loan 1,891 bal 350 a mo 5.75%
Office Store Card 261 bal 50 a mo 24%
The monthly payments add up to $2,522.00 a month. I already know that. But the point is to see if there are any that are more than the minumum. I use online bill pay from my bank to make the payments automatically. The same amount each month. So, I am assuming some of the minimum payments have gone down as the balances have declined. I just figured I would let the little bit of extra go to paying down the balance a little faster. But I want to see if there is a better way.
So, I need to drag out all my bills, and take a look at the current payment due. This will take a while.
Are you a juggler too? What do you do to keep all the balls in the air?
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