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Archive for April, 2010

Have you Consolidated in a Personal Loan? Or used Credit Counseling?

April 12th, 2010 at 07:03 am

We are thinking of consolidating our credit card and overdraft debt or a portion of it into a personal loan. I figure that there's a good chance that at least a portion of our credit card debt is at a higher interest rate than we could probably get for a personal loan. I like the idea that we would then have everything on a term loan with a set end date instead of just revolving...even if that end date was five years out. In doing some of the online calculators, it looks like we would only pay about $14 more a month than we are now to cover all of the debt (if we got about 13% APR) AND have that end point. I am a little nervous about applying for one. I know some people here have gotten one before, is it difficult?

I need to look more to understand what the differences are between trying to do this and going the debt counseling route. I just think having an end date, knowing it's a term loan, would bring peace of mind. If we go this route, all credit card will be cut up and I would talk to my husband about closing them as well. We would keep one credit card as an "emergency" card.

Any advice would be very much appreciated. Thanks!

Finally a Real Emergency Fund!

April 6th, 2010 at 12:17 pm

Well, we have not hit our $1,000 goal yet, but we are at just over $700, which feels really good. I cannot tell you the last time we have had this much money without it being earmarked for anything, but peace of mind. I love it! I will be working for the census by the end of the month, so I hope that we will by celebrating our first financial goal by the beginning of May (or whenever that first paycheck comes). It's a start.

We are doing a LITTLE better with sticking to our budget. I have gone to dealing with all cash and that really does make a difference. I have all of our cash in various envelopes for our Freedom Account as well. It's all contained in one three-ring binder and I love how organized it is. It helps me to physically separate all of the cash, instead of just on paper. It's helped opened my husband's eyes even more too, when he goes over budget and has to pull money out (and sign it out on the balance sheet) of our date night fund or clothing fund, etc. Things are slowing down in that department too, so I am feeling hopeful.

I just realized that the first quarter of the year is over; it went so fast! So, I will just rename all of the same goals as our second quarter goals and I fully expect to reach them. Yeah!

Spring is here, a time of renewal and new beginnings...boy am I ready for one.