After running the numbers, I am even more excited about doing this balance transfer. According to my favorite debt reduction planner, if I do not make the transfer, I will pay $620.97 in interest before my credit cards are paid off. This is, of course, assuming that I make my goal monthly payment of $2746 towards our credit cards. Which I have been having a tough time doing. So the $620.97 interest is the best case scenario. But I digress.
With the balance transfer, the interest paid only comes to $291.24! That's a savings of $329.73 over the next 7 months. While this is only 1.8% of the current total debt, it's still $329. And this if we are able to stay on target with our debt payoff. If we have to push it out even further (I hope not!), at least we won't be accruing interest.
Paidtwice, IOU! :)
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