We got approved for a consolidation loan

Avatar for mquin73
iVillage Member
Registered: 03-27-2003
We got approved for a consolidation loan
3
Thu, 07-14-2005 - 4:21pm

I am very happy cuz I figured there was no way that anyone would give us a loan to consolidate some of our cc debt. I called our bank and told the lady what I wanted to do, applied for the loan, waited for her to find out if we were approved, and VOILA, we were! lol It's unsecured and is only to pay off our higher interest credit cards, but I'm so happy that we can actually close those accounts. We got a 10.24% rate and have to have it all paid in 48mos. While it's a little more monthly than what we are paying right now for it all at least it won't take 10 yrs to pay, just 4. We will still be scrounging month to month, but for the month of August we will have extra funds cuz our pmts for the loan don't start until Sept, so I am gonna try and put some money into savings and some towards our other debts. I also should be able to get one debt that we didn't consolidate paid off by the end of year. The balance isn't very much, but it will free up $50 a month for us. And hopefully dh will be able to get promoted in August and come later in the year he will be getting deployed overseas so all his pay will be tax free and then we can get other debts paid off. I sure hope this is a start in the right direction of being debt free, cuz living paycheck to paycheck is yucky, yucky, yucky!

Anyway, I know I don't come to the board as often as I should, but I just had to share my good news. I feel somewhat relieved.

Michelle


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Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 07-14-2005 - 4:35pm

Michelle - congrats!

All my best,
Danni

iVillage Member
Registered: 05-30-2003
Fri, 07-15-2005 - 12:34am

Sounds like things are moving in the right direction for you!

Have fun closing those accounts!

Lisa

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Fri, 07-15-2005 - 11:05am

sounds like a good plan.

MYM