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Getting Set to Pay off Debt

November 12th, 2006 at 03:41 am

Entry 3 for today.

I have decided that each month I will take all of the money that was previously going to savings, except the $10 a week and put it into savings account at CU #3. Then when I go to write the regular check to MBNA MC1 ech month, I can also transfer the saved money into the CU #3 checking account and write a check off that account and tuck it in with the first check.

That will be the easiest way for me to do this, plus it will help me keep track of how much extra I pay each month, because it will be a seperate check. I'd like to keep a running total of the extra used the same way I was keeping a running total of how much I was saving. Well, I'll still be keeping a running total on the savings, but it won't be going up as fast as before. That will start next month.

This next payday there will be $1000 extra to send off to that card so I will do that online out of regular checking. Since I've already mailed that off yesterday (due on 17th), I don't want to wait a whole month to add it to the next check.

I think we should be able to pay this card off by April and then I plan to cancel it. I really do not need two MBNA Master Cards and since Bank of America bought them out, I now have 3 cards with them and I don't like that. I also don't like the changes that have been made since then with this one MC so I'll be glad to see it gone. Then I'll transfer as much as possible onto my empty Chase Visa when the lower rate on MC #2 runs out, they are always sending me balance transfer checks at lower rates. Then I will pay off what is left of the 2nd MC and hopefully that will be gone by the end of 2007. Next we will tackle the B of A Visa and then last the Chase.

3 Responses to “Getting Set to Pay off Debt”

  1. janH Says:
    1163303303

    We have the same thing. We now have three credit cards with them with all the merging. Really crazy. Going to pay them off. (eventually)

  2. boomeyers Says:
    1163306359

    You go girl! I loved putting all mine onto a 0%! Feels good. Just gotta get it paid before times up!

  3. Amber Says:
    1163307120

    sound like you have a plan...I'm sure you'll have them paid off sooner than you think

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