Wednesday, November 26, 2008

The cheque arrives

The cheque from the overpayment I made on my electricity account arrived and the money is sitting in our transaction account. I'm going to pay the final $103 of the card we thought we paid off and then put the rest off my store card. Thanks to some aggressive payments on the store card the balance should be around $1500 once I have transferred the remainder of the money from the cheque. Now that they first card as actually paid off we will be paying off the store card at a minimum rate of $450 per month. So in the worst case we will be cancelling that card in 3 months time. I am hoping to pay it off sooner, however, by putting as much spare money onto it as I can. After that we will go for my personal loan, which should by then have a sub $4000 balance. We will have an extra $450, on top of the $333 regular payment, in which to pay it off. At that rate we will have the loan paid off after another 5 months and then out snowball amount will be close to $800!

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