Listing out these debts is about as depressing as all the rain we've been having lately. But I know that if you draw a line in the sand, don't acquire any more debt, and keep making payments (however minimum they might be), eventually there will be progress.
Chase Card #1 is the result of a balance transfer from another credit card late in the year of 2008. I have been making the minimum 2% payments each month. And lucky for me, the card is still at ZERO interest until January, 2010. At the time I signed up it was supposed to switch to a fixed 6.99% rate in January 2010. But with all the changes in the credit card industry this year, I'm not sure if they have changed the terms. I haven't been reading those inserts too closely since I really don't have any options except just to ride it out and pay it off.
Thirty days ago, the balance was $6,698. Currently, it is $6,565. And I will be transferring another payment in just a few more days. So maybe then we'll see a little more movement on the ticker line.
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