The cheque is in the mail

After more than 12 months of procrastination, I sent off the final paperwork for my consolidation loan. The funds should be transferred to my credit cards shortly, And I’ll be stuck with regular fortnightly payments of $180 a fortnight for the next five years. And it’s due to the fact that the repayments of the personal loan are fixed is why I didn’t get the consolidation loan for the whole amount of my credit card balance.

Once the dust has settled I’ll still have one credit card whose balance is hovering around $7000. I was going to work on knocking this down but, I’ve been offered a good cheap car so I think I’ll be diverting a little bit of money in that direction if it works out!

My plan for the remaining balance is to apply for some low interest credit cards which should move the interest rate down to something similar to what I’m paying for the loan which means reducing my interest payments by around a third which has got to be a good thing.

Stay tuned for the next exciting episode of being a credit card victim.