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Less Debt!!

September 18th, 2012 at 02:21 pm

I can officially report we have less debt. The truck loan balance is now $7,897.12! We made our 2012 goal to get under $8K. Smile

We were able to get the balance down with a lump sum principal payment of $1,840 and our regular payment, of which $300.18 was principal reduction.

We have applied and were approved for the Chase Slate credit card that currently has 0% interest for 15 months and free (yes free) balance transfers. Once the card comes in the mail we will request a balance transfer check to pay off this loan. We will have no problem paying the additional balance off in 15 months since we plan to make minimum payments of $559 each month. I would guess we will find additional money to throw at the loan as well to be done much sooner. And no additional interest!!!

Anyone else apply for the Chase Slate card to lower your interest? You can find the offer on the Chase website if want to reduce your interest rate on your own debt.

Posted in Debt | 9 Comments »

9 Responses to “Less Debt!!”

  1. Momma23 Says:
    September 18th, 2012 at 02:47 pm 1347979621
    1347979621

    That is awesome! WTG on the no interest credit card deal. Maybe I should use that for college expenses....just kidding of course!

  2. snafu Says:
    September 18th, 2012 at 04:17 pm 1347985036
    1347985036

    Sounds like a terrific deal. What is the advantage to you of paying the transfer sum early? I would be tempted to temporarily dump extra money in a low cost, [portfolio] Dividend Fund to take advantage of QE3.

  3. creditcardfree Says:
    September 18th, 2012 at 04:44 pm 1347986665
    1347986665

    If we continued making only regular payments on our loan we would pay about $346 more in interest and it would take another 31 months to pay off. Instead we pay off in 15 months and keep that interest money in our pockets!

  4. texasdisneygirl Says:
    September 18th, 2012 at 04:50 pm 1347987051
    1347987051

    Woohoo! I've seen a lot of zero-interest credit card offers but none that have free balance transfers. Cool. (I wonder if that would work on part of a mortgage?)

  5. PNW Mom Says:
    September 18th, 2012 at 07:05 pm 1347995141
    1347995141

    Awesome! Way to go!

  6. MonkeyMama Says:
    September 18th, 2012 at 08:09 pm 1347998989
    1347998989

    Yay to Less Debt!!

  7. Joan.of.the.Arch Says:
    September 18th, 2012 at 10:42 pm 1348008135
    1348008135

    Wow, I had no idea free balance transfer cards were back. These can be very helpful in avoiding interest on existing debt.

  8. FrugalTexan75 Says:
    September 19th, 2012 at 01:48 am 1348019326
    1348019326

    Sweet deal! Way to go on hacking away at the truck loan.

  9. creditcardfree Says:
    September 23rd, 2012 at 06:12 pm 1348423947
    1348423947

    @texasdisneygirl...it MIGHT work for a morgage payment, or lump sum, but not a final payoff since mortgages would need certified funds (cashier's check or direct withdrawal) ...although you could do all but a small amount. I personally wouldn't do it on a mortgage, unless, it was a small balance I would be about to pay off anyway.

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