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Man With A Plan

Well, I have figured out a plan to start tackling the next debt. It calls for about 340 dollars per month going toward this debt. The difficult thing will be sticking to it through the long haul. If the income side of things continues as I am forecasting, and I am being conservative here, then I will be doing this routine for about 19 months. That assumes no major changes or shifts in the meantime.

Of course, there is always a chance that more work could come in faster, but I dont want to plan on that. So, for right now, the plan is to have this student loan paid by the end of June 2008. I'll work like heck to get it paid off before then, but I am curious if I will be able to make it or not :)

The one thing that I havent figured out yet is whether or not a 0% interest credit card transfer is something I should try for or not. By my calculations, in less than 6 months I will be down to something like $25 dollars or less in monthly interest. I just wonder if the potential ding to my credit score and balance transfer fee makes it worth it. I'm also concerned that by doing a transfer I will force myself into a higher payment which reduces cashflow for emergencies.

Comments

QuarterSaver said…
Congrats on paying off that CC-- I can't even imagine how good that feels! As for the 0% card I say go for it--but I bet you could get one with no balance transfer fees? They're out there more than you think, even if it's no fee for the first transfer and a fee for the others. It sounds like you'd only do one, anyway. Good luck!!

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