Tuesday, November 8, 2011


I haven't written here in a looooong time.
Mostly because the news were depressing, sure I have two jogs and i'm paying down debt but it's such a slow process. Mostly because most debt I have is at 30 or 67% interest rate.
About three months ago my boss on my second job told me I got a 25% raise on my hourly rate. Great news, I would be able to stay above the debt-line.
About a month and a half ago I took an opportunity with Banpais with the Alternativa credit card. They told me they would take my credit card debt (most of it, still have some that was over their limit ouch) and give a loan at 22% , compare that to 33 on other card's payment scheduled or 67 on the actual credit cards.
Well it took a long time for the process to come thru, I was hesitant they would accept me since i've missed some due dates on payments, but i've managed to pay eventually. Also the debt amount is still so high that was also a concern.
A week into the review process they asked for clarification of a credit card extrafinacing loan I had as it seem as overdraft but it wasn't, it was just the way the CC company displayed stuff. Then they also wanted a letter explaining my second job...I also attached copies of the deposits for the last 2 years as further proof.
Finally a week ago they called me to say my loan+ credit card was approved. I was supposed to be very happy..yet I wasn't. I had been worrying so much about it that I thought I wasn't gonna be approved. So I figured they could still turn me down before the checks were printed.
Today I got the checks. Today is actually setting in that I'm improving my debt payment situation, consolidating my debt into two payments I can make with half of my second job's income.
I was able to go pay two of my credit cards today. The other two will be done tomorrow because I ran out of time before the banks closed.
I'm really hoping this will put me in a better position to pay it all out. Next month is my first of 48 monthly payments on this loan. As soon as the checks clear I'm closing out those accounts. If I could I would do it today but I have to way two or three days.
Have a good night. I gotta take some anti-anxiety meds now, I can't get too excited about this, I might get sick with a panic attack.

1 comment:

In Debt said...

It is good to hear from you. I am glad you were able to lower your interest rate. I think that the lower rate will really help you make some progress. It's hard to move forward with the high interest rates.