The Chase Sapphire card is the next victim on my credit card paydown list, with an interest rate of 15.24% (the same as the Amex I just paid off - I basically flipped a coin on which one to pay first). As of two days ago, it has a balance of $7,566.89, including the previous billing period's interest.
Here's how I'm dealing with it: Balance transfers! I qualified for a new credit card from Citi (Citi Preferred Diamond) with a $4,100 credit limit, and also finally realized how I could get a new balance transfer on an existing Citi card I already have (Citi Simplicity, $2,700 limit).
The Simplicity transfer processed two days ago as well, so my current balance is $4,945.53 (there was also a 3% transfer fee). I have to pay the Simplicity card by March 1, 2022, so I plan to pay $270 per month for the next 10 months.
I'm waiting for the Preferred Diamond card in the mail still, which I think is why the transfer hasn't processed yet. That one will bring my balance down by another $3,980ish (I'm not sure of the exact amount) to under $1,000! This card has an 18 month 0% period, so I'm going to be paying $227.75 per month on it. I expect to be able to pay it off by June 2022, because at that point everything else should be paid off!
I'm currently budgeting $1,315 for credit card paydown (ugh, I hate that number), plus $265.78 from my federal student loans. It's being allocated as follows:
| Card | Monthly payment |
|---|---|
| Chase Sapphire | $231.80 |
| Chase Freedom | $50.00 |
| Chase Amazon | $110.00 |
| Wells Fargo CC | $82.00 |
| Discover BT | $500.00 |
| Citi Preferred BT | $227.75 |
| Citi Simplicity | $270.00 |
| Affirm | $109.23 |
(Affirm is due to be paid off in May, at which point that money will be reallocated to the Chase Sapphire.)
The remaining Chase Sapphire balance will be paid off by July! (I'm counting it as paid off even though most of the balance has been transferred to 0% BT cards, because then it's no longer accruing interest and digging me in deeper.)
After the Chase Sapphire is paid off, next will be the Chase Freedom, which should only take a couple months given that it's a relatively low balance (currently only about $1,000). The Discover BT will also be paid off at the same time as the Freedom. (The Discover balance was previously on the Marriott Amex.)
I'm really excited, I finally feel like the end is in sight for this damn credit card debt. It's been hanging around my neck since I graduated grad school at the end of 2016, and I'm finally in a financial spot where I can make significant progress with it.
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