New balances…

As I posted in my last update, we paid off hubby’s credit card!!! Unfortunately (well, fortunately really…I’ll explain in a minute), we now have a $5625 balance on it again. Basically we have been reviewing our bills and my credit card that had the largest balance also had the highest APR. We owed around $9100 on my big card which was sitting at an APR of 19.9%. Yes you read that correctly. 19.9…..

So we decided to call hubby’s card’s company that we just paid off because we knew that card held the lowest APR at 8.9%. We called and found out they had a deal going on that if we transferred a balance to that card by April 15th then it would have a 1.9% APR for a year and then go to the regular 8.9%. So needless to say, we transferred $5625 to that card….because now instead of paying 19.9% interest we will be paying 1.9%. It was sad to see that on my big card I have paid $450 since January…just in interest. That I pay approx $250/month to that card, which left very little going towards the principal of what we actually owe!!!

It feels good to know that we are going to be saving $$$ every month which leaves us with more to put towards our snowball!!!

How is your journey going?


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