Tuesday, October 16, 2007

A Minor Change in Plans

I can't remember what exactly it was -- maybe an MSNBC article? -- but I read something recently about finance charges. It prompted me to reconsider my debt repayment plan, the one in which I was going to first pay off the Little Beast and then work on the Big Beast. But, I don't know, the Big Beast is just so ... big, that I thought it may be in my better financial interest to pay that one down considerably first so that the finance charges will decrease.

Yes, I know this means that I will not have the Little Beast paid off by June 2008. And yes, this fact sucks. But the finance charges on the Big Beast are so staggeringly high. I'll feel better about getting that balance knocked down significantly. And maybe I'll get it down so much that I'll have room to consolidate them at a lower rate.

The payments for the Little Beast will continue, and at almost twice the minimum due, so progress will be made. Just not quite as quickly as I'd hoped. But with the new plan, my next payment will definitely knock the Big Beast's balance to below $17K. That's good news, yes?

So ... that's where we are now. Stay tuned.

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