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a new financial move for me

March 9th, 2008 at 06:05 pm

I've done something financially that I've never had to do before. My and hubby's credit cards have been carrying approximately a $3000 balance respectively for the past three months that we just can't seem to get a handle on paying them down. We both have lines of credit that only charge 11.5% interest as opposed to the 19% charged to us by our credit cards, so I paid the cc's off with our lines of credit.

I don't really want to get into this mode, but for now it makes sense. Being stubborn about not going down that road would have defnitely cost us more in the long run.

The expenses all came from somewhat "obligatory travel" in the form of two weddings. Oh well - our term deposit is coming due as well as our tax returns. We should be debt free again come May.

Thanks for reading. Smile

3 Responses to “a new financial move for me”

  1. disneysteve Says:

    It certainly makes financial sense to pay 11.5% interest instead of 19%. However, it only makes sense if you stop using the credit cards to buy things that you can't afford. You don't want to find yourself in a few months owing money on the line of credit AND having racked up new CC debt.

    Pay off your debt and live below your means and you'll be fine.

  2. scottmcg Says:

    I do the same thing!!!! Sometimes you need credit!! Hey, in your mid-twenties, everyone is carrying some debt. Good for you for owning your own home too!! But putting debt on a HELOC is so much more manageable and the interest is tax-deductible. Your right,living with credit is not good, but if you have too from time-to-time lines of credit on you home are the way to go.

  3. Amber Says:

    I totally agree with disneysteve

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