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....
A Big Fat ZERO.....
January 16th, 2008 at 06:44 pm
January 16th, 2008 at 06:54 pm 1200509658
January 16th, 2008 at 06:54 pm 1200509677
January 16th, 2008 at 07:08 pm 1200510537
January 16th, 2008 at 07:25 pm 1200511507
And awesome news that you've started a Car Fund!! YEAH YOU!!
January 16th, 2008 at 08:27 pm 1200515233
January 16th, 2008 at 08:42 pm 1200516129
Way to go!
January 17th, 2008 at 02:09 pm 1200578979
January 17th, 2008 at 03:37 pm 1200584244