June 4, 2011

Pay Days and Pay Offs/Pay Downs

This week was another pay day for J and myself. My last week on my regular salary. My pay raise should have kicked in on 05/29 so my next paycheck should reflect that increase (so happy!)

With J's pay we were once again able to pay off and pay down some of our debt.

So far I have done the following:
Walmart CC $626.87 - PIF!
Best Buy Mastercard $771.12 - PIF!
JCPenney $500 - Paydown with $480 remaining. This will be paid in full next paycheck.
Dell $520 - Paydown with $964.16 remaining. This will be paid in full around September. I have 0% financing on this until May 2012 but with J being away, we wanted to skype and I ended up getting him a laptop back in March. This should take care of the remainder on the interest part of the financing.
J's Corporate Card $435.60 - PIF I don't really count this towards our debt because it is all reimbursed by J's work. We're just waiting on his expense reports to come through. When it does I will probably just pay the JCPenney card off in full (which could be before next payday!)

On a really good note, I called MBNA Canada, with whom I have a credit card. They were actually my very first credit card that started with a $500 credit limit. That limit is now $22500 (and of course has NO effect on my credit down here). The interest rate was 18.5%. I decided to try for a reduction since I have never been late, and since I have a pretty high balance on the card right now. They were able to reduce it by 4%! That's going to save me $80 in interest per month! (yes, I have a HIGH balance on the card).
MBNA actually did something that at first I thought was horrible. They raised my minimum payment from about $300/month to clost to $600/month about a year ago. I was terrified! How was I going to make that! Well, I did. And I actually found myself making more than that. I actually feel like I'm getting ahead on paying it down because it's not 'all' going to interest.

So with the reduction, not only am I making more than double the interest charge, I'm going to have that extra $80 going towards principal :)

Next up, RBC Visa (my other Canadian card which is at 19.99%)


jpkittie said...

you are doing a fantastic job! Keep up the great work!!!

Niki said...

Congrats!! You are doing a fantastic job.

Way to be proactive about calling and getting your rate down too!

TJ said...

That is very nice that you can pay off that many in such a short time! Many many congrats. I can't wait until the day I am done with my credit cards at least.