I’ve Lost Motivation

I’ve been using my credit card with abandon for general purchases (groceries, grog, restaurants etc), I’ve got more cash than I need in the bank but I’m too lazy to check my balance and work out how much I can afford to transfer to my credit card debt.

I know I need to get focussed on paying down my credit card debt, but as I now have permanent employment I can probably get a personal loan and pay it off over 5 years at around $200 a fortnight.

I need to look into it a bit more though and see if my probationary status will effect my application, otherwise a declined loan goes as a negative tick against my credit report.

I think what I’ll probably do is get a consolidation loan for the two credit cards I’ve used for business expenses, that way I can keep seperate the interest that is tax deductable.

Atleast with the personal loan the interest rate is around 10.99% as opposed to the 18% I’m paying now, and for the 5 year term of the loan the interest saving is around $4000.

Then all I’ll have to do is pay down the $4-5000 that is on the credit card I have for personal use.

Well that’s todays plan, I’ll see what happens to with my credit cards tomorrow.