Here's my first status update for my five year debt reduction plan. It is amazing what you can accomplish when you sit down and start working things out.
So far to date I am $10,991.62 lighter in debt. It is such a rush to see these balances finally starting to come down. I really can't describe what it is like, but I still have a long way to go as my plan is designed to be debt free in five years.
This first quarter results will probably be the highest for my debt reduction. Mainly because of the awesome offers I received from Chase. Second quarter will be close as all of my credit card re-payment plans will be wrapped up.
I will give kudos to Chase until I am blue in the face for the fantastic deal they gave me on a debt reduction plan.
Under Chase's Balance Liquidation Program or BLP they reduced my interest rates to 0.00%, waived my over the limit and late fees, and took off over $6,700 of interest from my balances to date.
Bank of America did not give me as sweet of a deal, but did lower my interest rates considerably. Between Bank of America's and Chase's debt management plans I am really seeing my debt go done and I am finally feeling that I can beat this and I will once again know what it is like to achieve financial freedom.
Now that I have my credit cards where they are more manageable to pay I will begin working on my next stages of my five year plan to eliminate my six figures of debt, which will include tweaking my budget again and working on getting a making home affordable program or a loan modification.
Stay tuned. The best is yet to come as this blog will be one day re-named Debt Free...Again!
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