r/debtfree • u/panda_in_plain_sight • 4d ago
Just wanted to celebrate a small victory!
Just got approved for another balance transfer card! 0% intro APR for 24 months.
My current debt payoff journey is projected to take about 3 and a half years to payoff, so I decided I'm not gonna stress about hard inquiries at this point since they'll fall off my credit report long before I'm back in a position where it's time to "worry about my credit score."
So this is my second balance transfer card I've was approved for in the last week. First one was for 4k through USAA, 0% until April 2027. My current debt right now (while I'm still waiting on balance transfers to finalize and balances to update) looks like this:
1 Citi Double Cash $696.26 28.24%
2 Discover it $2,889.22 27.24%
3 Chase Freedom Unlimited $2,811.03 27.24%
4 USAA Cashback $6,787.34 22.15%
5 Consolidation Loan $29,369.06 17.49%
6 Navy Fed More Rewards $2,837.53 13.90%
7 AOD Visa Signature $3,168.19 7.49%
These two balance transfers essentially delete the interest accrual on those first 3 cards for the next 20-24 months 🥳
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u/Fluffy_Clue459 4d ago
Don’t let credit card offers fool u from the objective, get out of debt. Lock in and stay out of debt. Dont forget the dream life u could have by just saving all this money instead of getting caught away by the color of a plastic credit card and paying the interests on them
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u/Tiredtotodile03 4d ago
As soon as you pay off a card you gotta cut it up and throw it in the trash, consolidating and opening up more credit lines will just give you more opportunity to dig yourself deeper even at rock bottom.
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u/GimmieDatCooch 4d ago
That was my thought. I saw a consolidation loan and am wondering if it was used to clear the cc’s…only for op to use them up again. If so, this is a dangerous game being played as statistically, history will repeat itself. The cc’s should 100% be cut up and not being used.
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u/panda_in_plain_sight 3d ago
Funny story, I've been putting cards through the shredder as they get paid off. Got a little gung ho and started shredding cards while they still had balances.
Upon approval of my first balance transfer, I didn't have the card numbers on hand, so I had to order replacement cards to transfer the balances 🤦
But yes, the ones that were already zeroed out have been and remain shredded. As soon as transfer balances finalize and I get more confirmations of things zeroing out, reordered cards go back through the shredder as well 😅
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u/hfttb 4d ago
23 year navy guy here. I did the same thing that you’re doing, but I didn’t follow through. I should be sitting on 1 million bucks, but I’m not. The banks are better at this game than you, do not invite them into your wallet anymore. Since you’re not worried about your credit score, cancel everything but your lowest interest rate card at Navy Federal credit union, and don’t use it. Do this and you’ll be happy you read my post.
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u/hanjanss 3d ago
You have a 30k consolidation loan and then already accrued thousands of dollars of credit card debt afterwards?
You need to change you behavior, honestly moving 4000 to a 0% balance is just going to free up another 4k to out back on high interest credit cards. The behavior is the issue, all this finessing is just going tk put you further and further in the hole.
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u/Loud-Chicken6046 4d ago
Please pay of your debt and learn to use the spacebar. This whole post is terrifying. You are bleeding money...I think.
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u/Chilio95 4d ago
Oh haha for a second I thought it was a fridge on the right so I thought it was telling you that you were pre approved to buy a fridge.