Recently I was offered a mastercard at 1.9% interest for 6 months on balance transfers. Seeing as I had my debt spread around 2 lines of credit and a visa I thought it might be best to take advantage of this offer. I was approved for a $5000.00 limit and it was just enough to consolidate all those other debts. Now I'm not sure if it was a good or a bad thing that I did this. On one hand I'm saving a tonne in interest payments, but I'm already 3 months in and the balance isn't even below $4000.00 This worries me. I think I'm the type of person that won't do anything until it has to happen and this lower interest rate, although saving me money, is just bumping that debt down the list. I have managed to stay out of the red on both my lines of credit and until recently my visa had a balance of no more than $300.
What kind of person are you? Do you allow yourself to only act out of necessity when it comes to paying down your debt? I guess I'm overwhelmed at the moment. It can be very difficult to think you're ever going to get out of debt when you're spinning your wheels or worse, going backwards. I'm staying focused on the goals that I've set out for myself and I think I will most likely have to get a second job for a while. You've gotta do what you've gotta do. I'm looking forward to the day when I can say I'm completely debt free.
Monday, October 29, 2007
Consolidating Debt. Good or Bad?
Posted by
Wes
at
8:27 PM
Labels: consolidating debt, credit card payments, getting out of debt, line of credit