I completed a balance transfer to my new CU card. I got 2% cash back and after the transfer I paid off the remaining credit card debt on the large card. Now, I'm only 1,198.15 dollars in credit card debt. This means I could possibly really be cc debt free by the end of this year. However, I am probably going to post pone it just a month or so to help transition myself into a used Corolla from Hertz used rental cars. I have a test rental starting on Thursday. I would be getting a loan for 14,000 at 5.99% for 5 years. My goal is to pay it back in 2.5 years or less. The car is 13,000 plus tax and fees. I know taking on a huge loan on top of my other debt seems unreasonable, but I really don't want to buy a cheaper car that won't last at long. I imagine a 2010 Corolla would last me at least a GOOD 10 years. Ten comfortable years with working windows and no pieces falling off.
I changed my payment plan for my student loans to graduated. My payments start at 160.44 in March and stay at that rate for 24 payments. I will pay the minimum until my citibank loan is finished and then I will step it up while reserving a 200 dollar payment towards my personal debt. I'm allocating 20% total of my income to debt repayment in 2012. 35% will go towards my car- including payments, insurance, and gasoline costs.
