I've computed all the debts we have which includes:
- 4 credits cards
- 1 credit card at 0%
- 1 medical bill
- 1 car loan
The plan is to have all of it, except one credit card paid off on February 2008.
The debt totals $11,447.28. Hmm... not great, but we'll get to it.
The plan: snowball the payments until one remains and gets paid off.
The order it will be paid off:
- Chase $25 owed
- Home Depot $35 owed
- Target $311.98 owed
- Citi $1,138.24 owed (all at 0%)
- Medical bill $241.78
- Car $4,603.89
- MBNA $4,918.39
Total $11,249.28
We can allocate $1,180 every months towards that debt, increasing it by $10 every months.
We're actually already 2 months into the plan. The goal is to see all 0.00 in that first column. 
------- Edit -------
D's comment about putting the payment from the 0% card into a high yield savings account and only making minimum payments got me thinking: how much would we make in interest if I did that?
The minimum payment on the card is $20. Since we make between $160 and $165 payments, it would leave us $140-145 to put in the savings.
We have an E-Loan account at 5.12%. Let's see...
So we're talking $22 in interest. What should I do? Not as much as I thought it would be.
Is it worth it??
Debt repayment plan is written
June 9th, 2007 at 06:36 pm
June 9th, 2007 at 07:14 pm
June 9th, 2007 at 07:28 pm
June 9th, 2007 at 07:59 pm
Are you paying only cash now, or will you be using the Chase card for current purchases and paying it off in full each month?
June 10th, 2007 at 07:23 am
scfr - only cash now, except for monthly transportation and parking passes that go on the MBNA.
June 10th, 2007 at 11:00 am
I think it would serve you better to pay the minimum on Citi and save the remained in a high interest account like ING or HSBC until January.
Of course, I am a new reader and maybe there is more to this then I know.
Good luck, in any case!
June 10th, 2007 at 11:32 am