Just bought an Engagement Ring on My Credit Card

I just bought a very nice engagement ring, fortunately my fiance loves. I was putting off asking her to Marry me as I wanted to get her a good quality ring, but I didn’t want to increase my credit card debt. So here is what I did…..

I paid for it on my credit card.

Crazy but I had a plan

1. Saved two thirds of the price before hand.

2. Waited till my credit card interest period ticked over so I got the full 55 days interest free period.

3. Didn’t buy it until I knew I had the cash flow to pay it off the interest free period expired.

Win Win for everybody.

I bought a house

With a few pay rises and a few thousand dollars in the bank I’ve been able to buy myself a modest little house. I’ve still got some credit card debt to pay off, but unless a disaster happens I have the income to cover the bills and live modestly, until the credit cards are paid off, and then I can be as imodest as I like.

At the moment I am balancing my desire to get rid of all my personal debt with doing some much needed renovations on the house.

I’ve restructured my debt into three parts.

I have a credit card with a balance transfer offer at 3% until may next year, the balance is $8000.

I have a personal loan with the balance of $7000, Interest rate is 11.24%.

I have borrowed $11,000 from a friend, who borrowed it from a bank,  I’m paying back $250 a month, interest rate is 12.54%

My current goal is to pay off the $7000 as soon as possible to remove the compulsory repayments I have and reduce my fortnightly repayment burden.

I’ll post more about my plans when I get the chance, but it’s all looking good.

I’m back

I’m fully aware I’ve been getting myself further into debt, but I’m also happier than I’ve been in a long time. The debt is manageable on a week to week basis, but I need to start putting away some money for the future, so I’m keener than ever to kick this debt in the butt.

Since my last post I have :

• moved house
• gone without a home internet connection for two months
• celebrated Christmas and new year
• Been on a couple of 4 day camping trips
• Bought a Kayak on my credit card
• Gone away to the mainland for a 5 day weekend (ony paid for airfare and food)
• Gone away to the mainland for work three times (fully paid by work)
• Blown out my debt to worse that it was when I started this site.
• Got myself a girlfriend (she is/was living on said mainland, hence 5 day weekend)
• Booked a 7 night overseas holiday for myself and girlfriend (more debt)
• Provisionally sold a couple of domain names I don’t need any more.

There’s probably a few more things that I haven’t mentioned, but it’s been a busy time.

Watch this space.