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BoA Credit Card BITES THE DUST!

March 7th, 2011 at 09:02 pm

Earlier today I paid off the last $500 of my BoA credit card. It was a little bit of a stressful situation b/c I accidentially doubled paid a truck payment and I wasn't sure if I was going to get my double payment money back so I could make this final payment!

If the balance is $0 tomorrow (for some reason it takes BoA a while to apply the payment...?), I'm going to call and close the card out...never to be opened again. And since I paid it off before the end of the cycle this month, I won't be paying anymore interest!

I'm glad it is gone - of the 2 credit cards I have, this one had the highest balance so I was anxious to get it paid off quickly once I decided to get out of debt and stay out of debt. Balance in January was $11,118.00. With the help of a $6000 tax return, I was able to attack it very quickly and get it gone forever.

That leaves me with the other credit card with a balance of $3500. My current plan is to pay $1750 on March 15th and then another $1750 on April 1st!

As previously mentioned, my husband and I were planning to put our house on the market...however we keep wavering back and forth so I don't know if we will be moving or not. I hate not knowing for sure although I know this is not a decision we should rush into. I'm just that way - once I get something in my head, I have to 'address' it in some way sooner rather than later...not let it remain unresolved and open ended for long periods of time. I'm hoping we will come to a mutual decision within 1-2 weeks and we can stick to the decision...whatever it may be. Fortunately the question isn't around 'can we afford the house' -- we can, it is actually a very affordable payment for us (total $1600 with taxes, 1st & 2nd note and insurance). The question is around whether we want to sell & make some money to pay off cars (the remaining debt after April 1st) and then begin saving about $4500 a month to pay CASH for our next house once we move in about 3 years.

I don't want to regre whatever decision we make...? Any suggestions out to on determining if you should sell or not?

2 Responses to “BoA Credit Card BITES THE DUST!”

  1. creditcardfree Says:

    Great job on paying off the credit card!

    How quickly could you pay off the cars? My thinking is pay off the cars, without selling the house. Then save as much cash as possible. Add that to the equity in your house when you sell in 3 years. It seems you still need a place to live and would need to at least pay rent somewhere else. Why not get the tax deduction for interest and possibly save on taxes? I guess I'd acutally need to see the math to make a decision, but it does cost to ready a house to sell, move and then in your case move again. Maybe you should only move once.

    Just ideas and thoughts!!

  2. Jerry Says:

    If you can afford both notes and the insurance, then it's more of a question of how badly - and how soon - you want to move, I suppose! I agree that moving once leads to far less stress than moving twice... from my experience.
    Jerry

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