I hope everyone had a pleasant and productive March. Today’s post is my monthly debt update. I have been actively paying off my debt since January 2015. Each month I share with you my progress. Below is my March 2016 debt update:
You may be wondering why there are six debts on the chart again instead of 5. I have heard Sandy from Yes I Am Cheap discuss balance transfer cards for a little while now on her Periscopes. I decided to apply for a Chase credit card that had a 0% transfer balance fee. The intro APR is 0% for 15 months. I was approved for the card with a $2000 credit limit. I attempted to transfer $2000 from my Bank of America card to the Chase card. They only transferred $1960. That’s fine. I transferred the balance because I was paying nearly $60 in interest each month on the BOA bill which was too much. The amount that I owed was going down, but not quick enough. Since I was able to transfer most of the Bank of America balance the card is now significantly lower. The interest will not be high. Also, it will be paid off much sooner. The good thing with the Chase card is that since the APR is 0% the card will be paid off way before then.
My total debt decreased from $69,400.57 to $69,146.07. That was a $254.50 decrease. I fine with that but I’m interested to see what next month holds because I have some freelance payments that I will be receiving from work that I did at the middle of the month. Those payments will be added to my Wells Loan. If my calculations are correct, it should be over $200 lower than what it currently is. Let’s look at the current numbers.
Loan 2 – Down from $5880 to $5870
Wells Fargo – Down from $753.83 to $653.30
Bank of America – Down from $2922.81 to $932.32
Chase – $1960
Navient – Down from $24,964.48 to $24,852.34
Nelnet – Down from $34,879.45 to $34,878.11
Previous Debt Updates
You can view all of my debt updates here.
How is your debt repayment going?