Not long ago I mentioned that I was in the process of transferring my credit card debt onto two new credit cards. The two new cards have 0% interest for 15 months. The old credit card had a 19.99% interest rate that I had been dealing with for years. Back in the bad old days, every time I applied for a lower interest rate balance transfer, I was rejected. My debt to income ratio was too high. I had no options and the credit card companies knew it. I was stuck paying $350 – 400 per month in INTEREST, for years. Ahhrrghh, the stupidity!! When I think about all the ways I could have invested that money, I just get so angry at myself, at credit card companies, and the massive materialistic brainwashing that we are all victims of.
Well, no more. The balance transfers finally went through. The 19.99% Citibank credit card is dead and gone! About a week after the balance transfer went through that took my balance to zero, they charged me $329 for accrued interest. Thanks a lot guys. That was their final parting shot. No ‘congrats for paying your debt to us, thanks’. No. They treat you like crap when you owe them money, and they aren’t particularly nice to you when you don’t owe them anything either. But then, what did I expect? I paid that last interest bill on the spot and am now done with them – for good. No more paying interest!
My two new cards are split between New Card A: $2,600 and New Card B: 25,750. Today, I just paid off Card A with two rapid-fire payments. The balance is now zero before the first official installment was due. They’ll probably try to increase my limit now. No thanks! I am now down to one last card. I will start paying that one down with my next check.
Old Card: $29,920 –> $0.00
New Card A: $2,600 –> $0.00
New Card B: $25,750 @ 0%
My student loan payments also start next month. I am on the Graduated Repayment Plan to give myself time to clear out my credit card debt before my 0% introductory rate expires. You hear that New Card B! Your days are numbered! You’re goin’ down!!
“Debtor’s prison is real, and opportunity cost is a bitch.” (DDSW)