Wednesday, September 13, 2017
Wednesday, Interst charges, my killer
I was so excited to get below 14,000 on my studio card this month. I could not wait to open it. Well because of the Fed interest rates going up over the past year, my interest rate went up 3%. So over 1/2 my huge payment is now going to interest. I realize that this is my debt, but I feel so abused and used. I called my credit union where the card is issued and they will allow me to lower the interest on a promotion for one year. I will get an interest rate of 4.99.
So that is one of the things I will be doing today. Mom also has an eye doctor appointment. I need to do some banking and pay the house payment and another bill.
I am paying much more attention to these charges. After reading a dime at a time I was inspired to go after this problem. When you are heavily in a debt and have bad credit you cannot ask for anything from a bank. Although I feel heavily in debt I am not according to the bank and I have good credit. Debt and the guilt that goes with it paralyzes you. Then when you see the waste of interest charges it can become very discouraging. So every day I try to tell myself I am one day closer to getting out of debt. I am so much better off today than I was two years ago.
As soon as I get this done I will feel like I can breath a little deeper. Also having to have the bill paid off a year from now is great incentive to push harder. Be more grateful for my busy shop. Find more ways to save a penny or two. Attack, attack, attack, that debt! My new cheerleader cry.
I was able to get the last large piece of pageant things done yesterday and I will be working on a bridesmaid dress and two wedding dresses today. Hoping to finish them. Then I must attack the pile! Yes the pile is ever growing. Was able to work a couple of hours on the custom bodice and I can finally see progress. I was really hoping to have that completed as much as possible by Friday evening, but that does not look like it is going to happen. We will see.
I always think I can do more than I really can. Do any of you overestimate your time and resources?
Have a great and productive day staying positive while you are in the negative.
Kim
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Yes, I have overestimated time and resources. Sewing under a deadline is hazardous because people always call with things that must be done now. Other things like eating and sleeping have to be done.
ReplyDeleteDriving time is a common source of over- or under-estimating. If I get all the green lights and short lines, I often get to my last destination 30 minutes early and must wait for whatever it is to start. That is almost as annoying as being late or almost late.
Some things like sewing or driving are hard to figure when others are involved!
Yes especially with all the interruptions I get. Phone calls, clients,mom. I can skip and food for long periods but mom well nuff said:)
DeleteThanks for the mention. You are absolutely right how the guilt that debt brings can be paralyzing. Good for you in being proactive with getting the interest rate reduced. While it doesn't take away the debt, it will make it easier to get out from under. Great job!
ReplyDeleteI know I am so relieved. This will so help me and even if it doesn't get paid off the balance will be low enough for me to do a transfer. Now to kick the crap out of that kitchen loan.
DeleteEverything in our economy is unified to propagate debt and it tries very hard to keep people tied to their debt. I once suggested to TheHub that he might want to teach a course to college kids about the real cost of using credit cards and paying the minimum.
ReplyDeleteThat is such a good idea. We are a nation of spenders that is for sure. Our whole economy is centered on buying.
DeleteOk I won't be the popular opinion in the room here but for the last 8 years or so the Fed has squelched interest rates, keeping them artificially low. This means for this time frame you got a gift of lower than normal interest rates while people who had money in the banks got the shaft and haven't earned anything on their money for 8+ years.
ReplyDeleteWhile you profited from this unbalance in rates I was penalized for being a saver and not being in debt.
That being said, I still love you and hope only good things for you and everybody else trying to raise themselves out of debt.
Maybe this interest rate "goosing" is enough to motivate those who aren't committed to getting out of debt yet to banish it once and for all.
And good on you for being proactive and getting that rate reduced!
Oh I realize that, as we were savers also. I watched my savings and 401 k's do very little. But I am going to kick this debt.
DeleteYes.. I over estimate, what I will be able to do.. eeeh.. you have really accomplished a lot this week.
ReplyDeleteInterest rates are awful. Just keep working toward that goal.. and you will get it paid off.. Proud you were able to get the good rate for a year.. That will help..
Have a great weekend.. and hope you get lots of the sewing done.. smile
I am working like a slave here as I have another bride in tomorrow and a bridesmaid this weekend.
DeleteAs careful as you are with money, I'm surprised you ever got into major debt in the first place. There must have been some unusual circumstances that befell you.
ReplyDeleteWell yes a husband out of work for the first ten years we were married. A baby that was born with heart problems the month I was graduating from college, leaving us with 80,000 in hospital and funeral bills. Our insurance max was 10,000. Then my illness that wiped out our savings and some home equity, as our insurance would not pay for the 13,000 dollars in meds I needed the first treatments. After a while I did not give a rats rear end. IT didn't matter how tight I was crap happened and I just gave up and spent to make myself feel better.
DeleteYou are the hardest working lady I know!! I have a CC with a significant balance and I am thinking about transferring to a zero interest CC.
ReplyDeleteDon't think DO! Interest is a waste of hard earned money.
DeleteThere must have been some unusual circumstances that befell you.
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