I got the email from Credit Karma the other day. Opened it and checked out the results. I am not sure if this a new feature but it suggested that I get personal loan to pay off revolving debt I have. So I pursued it and have apparently got the loan.
This lowers my monthly payment and will force me to pay off this debt quicker. The caveat here is to take these funds and pay off this other debt. Then not create more new debt. This a good thing and will require me to exercise discipline. Only to use these credit cards for some unforeseen emergency. Although credit cards should not be considered an emergency fund.
I should feel like the rat in the trap. I don't want the cheese just out of the trap. So let's hope this is going to work out well as it seems to be materializing. The funds should soon be sent and I will pay off hand full of other bills. One payment less than the others combined. Paying them off faster then the rate I am going.
Again this will be good if it is handled properly. On a monthly basis I will be saving $75 a month. Seven hundred in total interest. If I follow the plan I will pay everything off in three years instead of five. Also lowering my interest rate.
Let's just take a Walmart card for instance. If you only make the minimum payment you balance will go down about $1 for month. You will never pay it off. Unless of course you get some kind of windfall and make and start to make big stabs at it.
Most of my writings center upon folks in my situation that are not trying to get rich on the stock market. Or trying to get that big nest egg for retirement. Just trying to get by on a day to day basis. You know, living hand to mouth. So this is just some kind of bottom feeding thing to someone who was smarter or luckier.
I do not generate much if any revenue from this blog. Are my ads terrible. If they are not check them out. That will also serve to get me out of the trap faster!
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