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Less Debt!!

September 18th, 2012 at 07:21 am

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.

9 Responses to “Less Debt!!”

  1. Momma23 Says:

    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:

    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:

    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:

    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:

    Awesome! Way to go!

  6. MonkeyMama Says:

    Yay to Less Debt!!

  7. Joan.of.the.Arch Says:

    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:

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

  9. creditcardfree Says:

    @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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