Wire post by Marilyn Hickman
I am early celebrating a success that will happen on Monday. Here is why:
At the beginning of 2019, I had eight credit cards with balances on them, and most of them were really high balances too. As of the middle of last year, I had paid off five of those cards. Of the three that still had balances on them, I tried calling the one with the highest interest rate to inquire if they would consider lowering the interest rate, as I had had the card for more than eight years, and I always made my payments on time. The representative informed me that the only way to lower my rate was to apply for a new card and see if I qualified for anything lower. As this is a store card and not a Visa, MasterCard, Discover, etc. it would not have done any good to open a new card with them, as I would have been unable to transfer the balance from the old card to the new card.
So, I took out a loan at a much lower interest rate (the difference in interest rates was 22 percent) to pay the card off. It was supposed to take me 36 months to pay that off, which still would have been a lot quicker than the time to pay off the card if I was still paying on that. Since the middle of December, I have been able to work unlimited overtime at my job. Except for the two weeks following Christmas, as I had paid time off those weeks, I have worked a minimum of 20 hours of overtime each week. I can see the deposit in my bank account that is pending for deposit on Monday. It is enough to pay off the remainder of the loan and have extra left to be put into savings.