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A Big Fat ZERO.....

January 16th, 2008 at 10:44 am

I took the expense check down to the bank and deposited it. It was about 300 dollars. Then, I took a deep breath and told the teller to pay off the auto loan. So, 952 dollars later.....it is a big fat ZERO! One more down.....

I called the credit card with the highest interest rate and asked for it to be lowered. I pay on time and always more than the minimum. Most of my credit cards have rates that are far and away less than this card. I haven't transferred the balance because I wanted to work with less percentage on each card. I missed one payment during DS's wedding month when he was sick and getting married and graduating all at the same time. Two of our bills got misplaced. They didn't even put it on my credit report, but the interest went up. Almost three years later, I've asked twice to lower it. They only lowered it this time and for a miniscule amount. I was floored when he wanted me to transfer a balance for a lower rate on the balance transfer. Why would I do that if he wouldn't help me with the balance I already have? Then, he told me I could pay this one off and then transfer a balance and save money. Sure I could. It would be feasible. But, why would I want to continue with a card that didn't want to take care of me as a customer NOW? He made some sense, but it was the principle of the thing. Now, if he had lowered it to a rate that is the average rate for my other cards, that might have made me feel better and they would keep me as a customer. So, I got a secured loan with the credit union at a very good rate and will be paying this goofy card off. The interest rate I am receiving on the money it is secured to and the interest I am paying on the loan will be close to balancing out. So, goodbyes will be said really soon to a big interest debt. Then, the money I put on that card each month goes to pay a bigger portion on the loan. Yay!

I also redistributed the monies from the auto loan payment. Some went into the charity column. Some went as additional principle on the truck loan. A bunch went toward additional credit card payments. And I took advice from here and put the last into a new fund for a replacement car. All our vehicles are getting up there. I'm hoping that we will have at least another couple years on each. That will allow that fund to build up a little.

Well, year 2008....it's a start....

8 Responses to “A Big Fat ZERO.....”

  1. Tijdzhania Says:

    First victory of the year, hopefully the first of many!!!

  2. merch Says:

    Sounds like a nice win to start 2008 off. Keep it up!!!

  3. scfr Says:

    What a beautiful number zero can be! Congratulations!

  4. luxliving Says:

    HALLELUH!!! Let the dancing and singing begin! That's great. Stick to your guns. An informed consumer is hard to beat.

    And awesome news that you've started a Car Fund!! YEAH YOU!!

  5. Ima saver Says:

    It is a very good start!!

  6. nance Says:

    Doesn't it feel great to eliminate that car debt? I did the same thing you did, and paid off my car loan a few months early. I still remember how great it felt. I saved up for the next car, and paid cash, for a one year old program car that has been great.

    Way to go!

  7. monkeymama Says:

    Yay!!!

  8. Carolina Bound Says:

    Funny how it always takes that deep breath, isn't it? And then it feels so good. Congratulations.

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