Wednesday, February 4, 2009
calls that make me smile
Well, to all those thousands of people that commented and sent me private emails telling me not to refinance my car, i'm happy to say that I'm not going to do it. The interest rate is 60% on such a loan. One card I want to pay has a interest rate of 54% and the other two are at 59% and 52% so it just doesn't make financial sense.
I remember that I read on LG's blog that some credit cards charged 70% or more. I have platinum and gold cards so maybe the lower, more common cards charge more. Honestly I was surprised that my rates weren't up there in the 70's cause it sure feels like a lot of money in interest.
So here I was yesterday wondering how was I going to get a jumpstart to start reducing the money I owe. In other words, paying my debt. I have two jobs now. the main job pays for my monthly expenses and a company loan. The other job now is my main source to pay my minimum payments on three credit cards and the payment plans on the other two. So even tough I'm making headway on two cards the other three are killing me and I couldn't earn enough to just pay a lot on one and snowball it from there.
The phone rang and there's this lady calling me to tell me that they have approved me a line of extrafinancing (from one of my active credit cards) of L66,000.00 that I can take now. Being now more cautious than before I ask for the rate and it's 42%. Argh, not the 25% i'm used to on extrafinancing from past times but better than the credit card rates stated above.
Anyway, I took for a term of 36 months. I could've gone up to 48 but I thought that it might be extending it too much into the future.
With that I plan to pay my Alianza-Bac-Unitec cellphone card. It will still get charged with our cellphone bills but I will make sure to pay them in full every month. I will still have about 26,000.00 left to pay on my Bac Visa Platinum card which has a bigger balance. I think that's best to pay this card because if I miss a payment on either of them the bank blocks both and if there's a real emergency I can't use either of them. By emergency I mean something medical!
Of course i've learned to keep all of this a secret from my wife. And I feel it is right to do so because I still owe money, I just have lower payments.
What do you think about this ?
On a side story i'm installing debt tickers at the bottom of the blog's main page. I was wondering how to set it up because the way they work doesn't fit me precisely. So in the end I thought I will one debt ticker per debt instead of a single one for all the money I owe. I have a test ticker right now. Tell me what you think.
Well at the ticker was free and so is this blog.
Posted by AJ at 8:35 PM