Interest

[vaneramos]

I did the homework last night, which means I've made the necessary preparations for debt counseling on Monday. The figures are sobering. I can see how hard it will be to make any progress without significant sacrifices, and I'm already living very simply.

I hadn't realized how high the interest rate is on my Business Depot account. The balance is relatively small, so I should try to transfer it to Visa, which has less than half the rate. Right now I don't have enough credit available on Visa, but getting it there is achievable. That would entirely consolidate my debt.

Hopefully the counselor will offer some other useful suggestions. Then I will determine the next goal.

Comments

[lupinebear.livejournal.com]

A real eye-opener, eh? I consider paying interest to be The Enemy.

[vaneramos.livejournal.com]

I've always made my payments, so for years whenever I hit my maximum, Visa would increase it. What a scam! When we hit the economic downturn, they stopped increasing it, presumably because regulations forbid them to do so. Then I started getting calls from Visa trying to persuade me to sign up for a card for another family member.

[vaneramos.livejournal.com]

Yes, Business Depot is 28.8%. I think I have the lowest rate possible on Visa, 11.5%. Still, the interest is an appalling percentage of my income.

[artricia.livejournal.com]

I'm impressed. Finances is something I just keep shoving into the closet with the monsters.

[vaneramos.livejournal.com]

Debt has become an overwhelming source of misery. I can keep my head up when work is steady, but I have no job security, and know it will slow down again next fall. If I don't do something about the debt now while I can, it will kill me.