Now my remaining debt is on only one card; and it is at a very low interest rate. In fact, the interest rate on this card (3.9%) is lower than the interest rate I’m getting on my savings account.

Therefore, I am running some numbers:
If I pay $400/month on this card, I will have it paid off in 3 years, and will pay a little over $852 in interest.

If instead, I pay $300, I’ll have it paid off in a little over 4 years, and pay $1160 in interest. If I put the $100 into my savings account, I’ll earn about $620 in interest. A difference of $540, more than the $308 I’ll save paying it off sooner.

I haven’t decided yet if I’m going to do this. I just found out I’ll be laid off at the end of June, and because I feel insecure now, I like the idea of saving the money instead of getting out of debt. After all, I would NEVER be able to borrow the money at this rate (I locked in the rate in ‘05), especially if I start to have income problems.

I have presently got more money in the savings account than I owe on the credit card. Therefore, I COULD pay it off at any time, if I needed to.

I’ve set up autopay for the minimum payment. One option is to “hide” the credit card debt in my Quicken account list, set up an automatic deposit of $100 into my savings account, and just forget about the whole thing. Let the minimum payments and the deposits go on being made every month, and try to think of myself as being out of debt.

For now I am moving this to the bottom of my 43 Things list. Who knows, I may not suffer a single day of unemployment (fingers crossed) and then when I know I have a job I’ll be able to pay the dang thing off immediately.