Refund, YAY!

Our credit union paid off our car loans at their respective banks and Wells Fargo sent us a refund of $19.69. Yay! Finally I'm getting something back from a bank.

Saturday, I hadn't yet opened a new businerss checking account at the crsdit union so I hadn't canceled our US Bank accounts yet. I checked our balances onlione and one of our US Bank savings accounts which had nothing in it for a long time, suddenly was overdrawn $4.00. They decided to charge a maintenance fee which they had never charged before. I was so fed up I went right down to the bank right then and closed all our account. Then I realized that I had no business account. And when someone makes a check out to The O'Neal Building Group, you can't just cash it at their bank. You have to deposit it into a bank account for said business. So I had to go down to the credit union and open a new account. Of course it was Saturday so it was busy, but I got it done. Which is good because I got a payment from a customer later that day and another one today.

I have an appointment on Wednesday to give the credit counseling place all my account numbers and get that started. And I have an appointment tomorrow to talk about opening a college savings account for the boy. That's with my insurance agent who also does investments.

Decisions, Decisions

I contacted the credit counseling service through my credit union and found out that they will take all of our credit cards and lower their rates. Our US Bank cards will go to 0% interest, our Chase Cards will go to 2% interest and our Care Credit card will go to 15% interest. Then they will take $237 from us and pay the cards which they say will pay them off in 5 year. Of course we can pay more to pay it off faster if we want. Right now we pay about $370 in separate credit card payments. So it's a decent offer, but we would have to cancel all of our credit cards which will effect our credit scores negatively. Your credit score is better when you have some revolving accounts and gets better the more available credit you have on those account. Of course we'd still have the car loans on our credit getting good marks, but it will drop our scores a little bit. It obviously wouldn't be as bad as a bankruptcy or as bad as doing a debt settlement on my own. That's where you call your credit cards yourself and negotiate a payoff amount that is lower than what you owe. If you have $1000 on a credit card you can offer them $300, they'll say no, so you go up to $$400 and so on until they accept your offer. I read they usually accept as low as 40%. But they will put on your credit report that you did a settlement and the card will be canceled which will hurt your score more. So, I think we'll do it, but it's just one of those things that hard to commit to. But I need to do it soon.

Update

I updated the Debt and the Stuff pages on this blog. I will try to keep them as up to date as possible.

Take That Bank of America!

Our credit Union approved our refinancing of the Truck. The percentage went down to 5.49% and the payment went from $451 a month to $372. Not as drastic a drop as the car but that's because the length of the new loan on the truck is closer to the length of the new loan, where as the Kia got put into a new loan that has another year more than what we had on our old loan. All I care about is that we aren't giving money to the big banks anymore. Soon I'll close our accounts at US Banks and I'm going to tell them exactly why. Because they suck. Yeah, that's what I'll say.

So Monday or Tuesday I should have time to call the credit counseling service and see about that. If that works out we should be in much better shape to get this debt paid off within two years. I have a bunch of work coming up and I'm trying to keep things more organized so I'm not wasting as much money business wise. I need to get some more business cards made and a couple new advertising things and then I'll update my website with new pictures from my last couple jobs.

I sold my old broken iPhone on eBay for $217. That's more than I paid for it new (with a contract). I used a little bit of that money to buy a new hammer, tape measure and couple of finish carpentry tools. Then we were going to go to the Tillamook Cheese Factory today but my unexpected doctor's visit for my eye canceled that. So we got some snacks at the store and are just gonna veg. I'll be working tomorrow to get one job completed and to get a little ahead on another. Then as long as this week goes to plan I will actually have a full weekend off next weekend.

Goodbye Car Loan Interest

Our new credit union had no problem refinancing our car loan for us. Our interest rate is going from 13.59% to 5.49%. Our payments go from $316 down to $119 a month. So if I try to keep paying about $300 a month the car will be paid off in no time. I gave them all the info to refinance the truck as well. It qualifies for 5.49% interest too, and right now it's loan through Bank of America is 9.39%. Honestly, I wouldn't care if the interests was the same if I could stop giving money to Bank of America. I hate those bastards. The other thing that helps is that our first car payment with the new loan isn't due until May 5th. That's a month off from the car payment. And if they approve the truck that would be a month off from both payments. That would give us a chance to get caught back up. Then once I know about the truck I will call the credit union's free credit counseling service and possibly consolidate our credit cards.

I'll get you if it's the last thing I do Debt!!!!

Everything's Coming Up Aces!

The bank called today to tell us that our car loan is approved. I haven't found out what the interest rate will be but it will definitely be less than our current 13%. So that will help us pay that off faster. We have to go in next week and sign the papers and I'll find out what the interest rate is then. When I go close our US Bank account I'm telling them it's because they wouldn't refinance our car. Bureaucratic nonsense.

Then Krystal called Fred Meyer to find out why we weren't getting our reward points and to make a long story short, they screwed something up and they are sending us the back points they owe us plus our current points. So we are expecting a coupon in the mail for $54 dollars at Fred Meyer.

And I'm getting paid from a couple of jobs this weekend.

And my old iPhone is up to $160 on eBay.

ACES!

The Clock is Ticking

We have set a goal: We have two years to sell all our junk and get out of debt. Here are the Stats:

Debt:
Grand Total: $77,196.02
Credit Cards: 7 = $13,397.16
Financed Cars: 2 = $23,815.10
Student Loan: 1 = $39,983.76

Junk to sell:
Playstation 3 (SOLD!)
Wii (SOLD!)
Wii Fit (SOLD!)
iPhone (on Ebay)
Tons of DVD's
27" TV
Tivo


Our car is hopefully going to get refinanced through our new Credit Union. We were approved from the application, then I had to send over our last two tax returns so they can verify my income since I'm self employed. As long as that checks out we're in. And the Credit Union offers a free credit counseling service. So I'm getting all our info ready to do that.

In two years we need to be out of debt and able to do a little traveling with my family. Instead of working 7 days a week in order to just barely pay the bills. This world we live in where nobody actually owns the stuff in their house is crazy. Before we had a kid I had the attitude that we wouldn't have kids and that we should just spend our money and have fun. But now that we have Elliott I find that whole mentality crazy. What good is all this stuff doing me? All I need is my family and to have some actual time to spend with them. We'll get there.