My Home Depot Consumer Credit Card is PAID OFF!

December 13, 2007

As I’ve mentioned in previous posts, I just completed a home improvement project that resulted in a pretty significant balance on my Home Equity Line of Credit. One of the expenditures that I didn’t put on my HELOC was for a brand new garage door and the installation labor to do it. For this, I used an 12 month interest free loan from Home Depot.

Ok, in reality it was just a special offer that they ran on their Home Depot consumer credit card. But I’ll take an interest free loan any day, especially from my toy store.

Thankfully, this month I PAID IT OFF. And not a moment too soon, since the promotional period ends on Jan 1, 2008, and would have been responsible for about $400 in accrued interest. Here’s the image that I’ve been waiting to see for a long time, noting the “-” under accrued finance charges:

I didn’t start attacking this debt until September of this year, because I was busy snowballing some other debt. (which is now thankfully gone as well) Using Dave Ramsey’s debt snowball method, and the attacking debt method that NCN used, I was able to pay off a bill from an electrician, a dumpster company, and a medical bill, and roll all those minimum payments into this Home Depot bill.

Here’s all of my “snowball” payments right from my online account at Home Depot:

You’ll see that I was able to get 1 big payment in at the beginning and then put every spare penny I had into other payments, ala Paid Twice’s snowflaking method.

Needless to say, I’m thrilled that this is gone! And onward goes the steamrollin’ snowball! Next up is the dreaded Chase credit card.

photo by Neubie

Posted in Credit Cards, Home Improvement