Chipping Away - Busting Debt in Boston

A personal finance weblog about my own journey to eliminating my debts and building net worth. Hopefully this will serve as a place for me to share and discuss my strategies and ideas, as well as keeping me on track and focused.

8/18/2006

Finally, My Amex Balance Transfers

After waiting two weeks for my American Express "convenience" checks to come in, I finally have paid off my car loan of over 13%, and the smaller of my two student loans (only $2,800 @ 5%) in full. My new balance on the American Express Blue Cash card is just under $14,000, at 2.99% interest for the life of the balance. I'm still waiting for the student loan payoff check to clear back to Amex and post to my account summary, so I will know what my minimum payment is for the new balance going forward. The plan is to take whatever the initial minimum is and just pay that amount each month going forward, regardless of what Amex decides my minimum payment should be.

Once that is squared away, I'll be able to budget out a monthly amount for aggressive paydown of my large student loan, starting in September. I was hoping to start hammering away at that loan this month, but with my upcoming moving costs, I feel I might be better off keeping some extra cash on hand and delaying my serious loan payments until I'm settled in the new place.

1 Comments:

  • At 7/23/2007 8:06 PM, Blogger DeMo said…

    I should do this for my loans. They are at a 6.8% interest. I checked the Blue Cash card and the APR offer is 4.99%, how did you get 2.99%? Also, did you request that credit limit or did they just give it to you?

    On a side note, I just started my blog this weekend (I'm under 30; 22yrs old) and would like to see if you want to trade links...?
    my blog is here: http://cravingwealth@blogspot.com

     

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