My small miracle

iVillage Member
Registered: 03-26-2005
My small miracle
3
Thu, 10-27-2005 - 9:40pm

My DH and I have been slowly paying off debt. We have two credit cards that are KILLING us every month. The APR on each is 29.9%, which is just about unbearable. I've been paying all sorts of money on them but nothing is really helping much. They're lowering, but the bank won't lower our APR, and it's so discouraging to see all of our hard-earned $$ go toward bank fees and interest.

Today, I was talking to my mom about our insurance (essentially, DH will be losing 10% of his pay this year to pay for insurance, even with a 3% raise. . . ugh. . . but that's another issue). I was saying that the thing that was killing us was that we're working so hard to get out of debt, so we have NO extra money. We're paying on these two cards, and the charges on the cards were from when our baby was sick. . nothing fancy.

Here's the miracle part. . . the total on the cards is $5778.55. She has about $3000 that she'll loan us (interest free!!!) to pay more than half of it off. Then, we can get the rest paid off, and then pay her back (the same amount we're paying toward the cards now!) What a thrilling relief! I feel SO free! I know it means we owe no less, but we don't have to pay as much crazy interest! Yay!

The reason she's going to help us is because she's seen us being responsible for months and months, and wants to help us get out of debt faster. She also said that she knows we're going to get out of debt, and she trusts us. It felt SO good to hear that!

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iVillage Member
Registered: 03-19-2003
Fri, 10-28-2005 - 10:13am

Yeah!!!

iVillage Member
Registered: 06-23-2005
Fri, 10-28-2005 - 11:24am
Congratulations on your victory. That will help you so much not to have to deal with all of the interest & fees you're getting now. You'll have to do something special for your mom to let her know how much you appreciate this. Let us know if it makes a difference in your rates later on.
iVillage Member
Registered: 12-05-2004
Fri, 10-28-2005 - 11:34am

Fabulous!! Once that $3000 has been paid off on your cards, contact the bank again and see if they will lower your interest rate! They just might if you've shown them you can pay down the balances. My MIL did this. She was way over her limit on her card. I think she had a limit of 25K, and she had charged up to $29K (why they let her do this, I don't know), and when she called to get them to lower the interest rate, they said they would do it if she got her balance below her limit. Her rate went from a 29.99 to a 12.99. It's worth a try! :-D

Give your Mom a big ol' hug the next time you see her. This is such a generous thing she's doing. :-D

Pat :-D