Financial Update & Debt-Rally

Following is an update of my debt resulting from a consolidation to my new loan.  The loan is set up for three years at $466.41/month.  When I have paid off the remaining cards, I will increase my contribution to the loan.  Additionally, I plan on using the bulk of both my 2009/2010 tax refunds to pay down debt, so I do not expect my goal to take three years.  But, who knows, shit happens.

Debt Rallies will continue to be posted every other Monday.  The next will be posted on February 9th.

Lending Club Loan

  • $14,000 (12.21%/3 Year)
  • Sum of Payments = $16,790.68
  • Interest + LC Fees = $3,140.68

Bank of America

  • Balance Paid ($6,642.84)

Washington Mutual

  • $7,000 Paid (Approximately $300 Remaining Balance)

J Crew

  • $1,779.91 Balance Remaining (27% APR)
  • First Priority Pay-Off
  • Expected Pay-Off Date of October 2009

American Express

  • $3,445.77 Balance Remaining (10% APR)
  • Second Priority Pay-Off
  • Expected Pay-Off Date of April, 2010


  • $1,500 Balance Remaining (0% APR)
  • Last Priority Pay-Off
  • Unknown Pay-Off Date

Balance Total, January 22, 2009


Last Debt Rally Balance Total (January 12, 2009)


– $950.01, 4% Reduction



2 Responses to “Financial Update & Debt-Rally”

  1. Dione (TakeADeepBreath) Says:

    Good for you Penny! Looks like you’re off to a great start. I’m so glad you got the loan. I’m thinking about doing it, but I feel like there is no way anyone will give me a loan.

  2. Sukie Says:

    WooHoo! (in no relation to Wamu)

    Any reduction is a good reduction and hot damn, $950 is pretty sweet :)

    Nice Work!

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