This announcement is a bit premature, but not everything that’s premature has to end in an evening of disappointment.
At the beginning of the year, I transferred the balance of my last credit card onto two different cards, each with a 0% interest rate. Â One card got a $4,000 transfer and the other got $13,850. Â The approximately $415 in fees I paid for the transfer saved me nearly $1500 in interest this year.
The card that got the big balance is the card we use for a lot of our daily spending. Â Â On my statement dated 2/18/2012, the balance on the this card was $14,865.23. Â At the same time, the smaller card had a balance of $3,925.09, for a total of $18,790.32. Â When I started my debt-murder journey in April 2009, it had peaked at just under $30,000.
When my payments clear later today, that balance will be gone.
That is nearly $19,000 paid down in 8 months.
Now, the inheritance we picked up did accelerate our repayment a bit, but only by a few months.
Starting fromÂ $90,394.70 in April 2009, we have paid downÂ $63,746.70, leavingÂ $26,648.00 on our mortgage.
I’m more than a little excited, which–as usual–is the cause for the prematurity.
New goal: pay off the mortgage in 2013.