Doing the 'MBNA Debt Snowball Shuffle'

iVillage Member
Registered: 05-30-2003
Doing the 'MBNA Debt Snowball Shuffle'
6
Thu, 09-16-2004 - 9:49pm
OK, now you all know that I'm working the flipping snowball thing as fast as I can, right? Some months it's been great, others not so much.

So, there was that post on MBNA's APR's going variable a couple of months ago. I wasn't too concerned-I'm not to them yet. Last month sometime they raised my APR from 9.9% to 19.9% on my Barnes and Noble Card. That's the one I use to buy library books (I'm a librarian, and in charge of purchasing books for my library), and tend to carry a higher balance, which I pay when my reimbursement checks come in. So, anyhow...

I looked at that and thought, "Alright-ENOUGH already." I have not called MBNA about this, but I will be doing so. In the meantime-

MBNA has been moved to the TOP of the Snowball List. I got a big reimbursement check today, and paid off my car. Yes, I know that my current target was Motley Fool (reloaded), but now I've freed up $110+ per month. And guess who the *lucky* winner of the "Debt Snowball Shuffle" is? Yup-MBNA.

I will have to figure out a different way to buy books because I'm telling you-the $10 gift certificates that I earn by using this card, although great, are SO not worth the hassle!

So, we'll be getting the old snowball totally jumped up now!

Lisa (who's wondering how it will feel to drive a PAID FOR car tomorrow to school!!)

iVillage Member
Registered: 03-28-2003
Thu, 09-16-2004 - 10:15pm
Lisa, I would happy dance for you but I just got off the treadmill. So I'll just sit and think happy dance.

Seriously, great job on the paid for car and aiming your snowball at the evil MBNA.

Julie

iVillage Member
Registered: 05-30-2003
Thu, 09-16-2004 - 10:37pm
I'm thinking I'm going to do more of a "StealthBall" routine on them...

I have an AT& T card that I'd opened to surf some balances to way back when I started the snowball rolling. It's at 8.9%. However, there's an offer I can use to surf balances over to it and only pay 6.99% fixed for the life of the payoff. "hmmm," I said. "19.9% or 6.99%??? Such a choice..."

I'm going to hammer away at the AT&T-I figure Good Lord Willin' and the cricks don't rise-I can get it to zero by November 30th. Then I'll merrily do the "Transfer Boogie", which as you know is closely related to the "Debt Snowball Shuffle", and ship all of MBNA over to a lower rate.

Then, I figure I'll go back to my regularly scheduled snowball programming, LOL!

I should write the nice MBNA people a thank you letter:

Dear Nice MBNA people,

I just wanted to take a moment to thank you for spurring my snowball and snowflaking efforts on to a greater velocity. I'd become rather blase' about the whole thing, just rolling along, happily minding my own business, when BAM! Right out of the blue-ZOOOOOP! Up went my APR, along with going variable.

I am happy to say that by the end of 2004, I shall no longer require your services because my friends, you will be history-as in 'seen only on my credit history,' and not in a store near me.

Thank you very much-

Lisa :)

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Fri, 09-17-2004 - 10:10am

Good for you!!!!

iVillage Member
Registered: 09-10-2004
Fri, 09-17-2004 - 10:16am
Lisa,

You are too funny!! I wish I could send the "nice MBNA people" that same message, but my balances with them are too high to be a current target.

Congrats on paying off the car and keep up the awesome effort!

Joy

iVillage Member
Registered: 04-30-2003
Fri, 09-17-2004 - 1:49pm

All I can say is...GOOD FOR YOU.


Mine went up from 18% to 30%. Yup, you read that right. It now sits at 29.99%. I'm wondering how to get that money off. Maybe it better be the first one I snowball. Too bad it's also my largest debt.


I think I'll post about this, instead of hijacking your thread.





my pet!

iVillage Member
Registered: 05-30-2003
Fri, 09-17-2004 - 3:10pm
I figured that by doing it this way they'd leave my Motley Fool APR alone until I get it done. (It's also a MBNA, just raised to 10.99%). I know from here that if they get wind that I'm chunking away at them, bad things happen, LOL!


It wasn't any different driving the car today, sad to say. probably I'll think it's cool at the end of the month when I'm sending you all the September snowflake totals!

Thanks-

Lisa