PinchingPennies

Saving money to pay off student loans and consumer debt

Credit Cards and Student Loan Debt Oh My!

Or an update.

My student loan balances have been going down steadily but the credit cards have been a bit of a challenge. When we moved, I had to put part of the move on the credit cards and paying down the balances has been slow going. If I was following Dave Ramsey, he’d say to pay off my smallest student loan to gain momentum and then pay off all debt from smallest to largest. I tend to pay things off from the biggest interest rate to the smallest but that would put my student loans dead last.

Since my smallest student loan is “only” around $600, I think I will focus on knocking that one off first. Maybe Dave Ramsey will be right and it will get the ball rolling so to speak. Even if he is wrong and I am still discouraged, that student loan will never come back the way my credit card balances did. 😦

Updated my debt chart to keep myself honest.

April 3, 2011 Posted by | Credit Cards, Student Loans | , , | Leave a comment

2008 Roundup – The Good, The Bad, The Paid Off

Last year was a little crazy and here are the highlights:

The Good – After being laid off, husband found full time employment in his field. The salary is high enough for us to live and continue paying off debt although not as high as my position. Yes, I make more money than my husband. Or at least I did. His new job comes with awesome health insurance to replace the crappy self-insured plan.

The Bad – On October 1, I was laid off from my sweet, sweet job. Since then I have been looking for another high paid, telecommuting, flex hours position but surprise! there aren’t any.

The Paid Off – In 2008, I paid off $10,155.87 of debt. One full credit card, a bunch of student loan payments and almost 1/2 a car loan. Now that husband is employed and not in school fulltime, we need to pay husband’s student loans. There are 3 of them and total about $450. They should die quickly and painlessly.

My hope for 2009? Less drama-rific than 2008.

January 19, 2009 Posted by | Debt | , , , , | Leave a comment

AMEX is Paid Off!

Hurrah for tax returns! I just sent off a payment to AMEX that brings our balance down to 0 and frees up $100 a month for our debt snowball. Dave Ramsey is right about how good it feels to pay off a debt and have one less payment each month.

Husband pays for the AMEX card out of his account so I will have him redirect the $100 per month to the car loan.

May 15, 2008 Posted by | Credit Cards | , , | Leave a comment

AMEX Lowers Our APR and Refunds 3 Months Interest

Husband called today to ask about the interest rate on his AMEX card. It has been pretty high for a while because he would pay late occasionally until he set up automatic bill pay for the minimum amount. After a minimal amount of nagging, husband called to ask them to lower the interest rate.

He calls and asks, “I want to find out my interest rate.” That is it. AMEX customer service goes into Defcon 1. The cs person looks at the interest rate, lowers it 10% and apologizes. Then he offers to refund the difference in interest rate for the last 3 months. The refund will be applied in 24 to 48 hours and then I will have a payoff amount for the card.

Doing a happy dance. *yay*

May 8, 2008 Posted by | Credit Cards | , , , | Leave a comment

$1000 Goes To American Express

I just sent $1000 off to AMEX to pay down husband’s credit card. Although the new balance looks pretty nice, sending $1000, even electronically, is psychologically difficult. Now I have a little more than $8000 in the savings account which will go down quite a bit once we decide what to do with our car.

Someone offered us $5500 for the car today which is about $3000 less than we owe. Ouch. We might be keeping this car for a while. I’ll list it on Craigslist and see what happens.

March 28, 2008 Posted by | Car Loan, Credit Cards, Debt | , , | Leave a comment

Paying Wamu Credit Card in Cash

Wamu’s credit card FAQ tells of ways to pay our credit card online but I didn’t see a way to pay at a branch in cash. So I email the good people at Wamu to ask about paying cash at a local branch.

It can take up to 24 days to be posted to your account!

The powers that be at Wamu really don’t want cash. You would think with the latest news that their credit is downgraded, they would welcome a little cash.

March 15, 2008 Posted by | Credit Cards, Debt | , | Leave a comment