At the prompting of my newly appointed nagger, Today I sent an email to the local consultant requesting information on the process to apply for an $18,000 personal loan to consolidate my credit card debts. I also asked how much the repayments would be over a five year term.
My rough calculations are that it will cost me a little over $400 a month which means I have to find an extra $80 a pay on top of the minimum monthly payments I’ve been making on my credit cards. This is a little more than $5 a day so I’m sure I can do it.
Once I’ve squared away the personal loan my plan is to transfer the remaining credit card debt to a low interest credit card where the interest rate will be no more than I’m paying on my personal loan.
However while I have a good job and always pay my bills (when I remember) I’m not sure if I’ll get the loan. I’m 34 and have no assets of substance, so that might go against me a little.
We’ll just have to wait and see !