Yee Haa!!!!!

Today I had a little party at my house. There was no drinking or loud music. No illegal activities and no large group of people. What kind of party is that you ask??? A credit card cutting party. I was approved for a loan that covered my cards and the monthly payment is less per month than I was paying on the cards plus they will all be payed off in 5 years. Most of the cards i've had for that long or longer and haven't used in a couple of years. The balance never seemed to go down. Now they are all payed off, cut up, burned and the ashes burried in the yard. Kind of a stupid thread I know, but I was just so damn happy I had to share.

Congratulations. Unfortunate other don't follow suit.

Nice feeling getting your finances sorted man. Congrats.

Im happy for ya. YEE HAAA!!!

So you consolidated your credit card debt into one payment....I see TV ads about companies that do that for you, what's the actual interest rate?

In the long term, are you really saving money?

Reason I am asking is often people think a low monthly payment over longer saves them money and in fact it costs you more.

Thanks for the congrats. I had been spending about $350.00 a month in credit card payments for the last several years and had noticed very little drop in the amount owed. The loan I got is a $296.00 a month payment at 18.5% intrest rate and in 5 years, I will have payed it off. I'll prob pay it off sooner cause in a year and a half my wifes car is payed off and i'll start sennding them double payments. The rate is kinda high I know, but it's an unsecured loan meaning the needed no collateral.

yeah, the rate a bit high, but I hear ya re unsecured, that puts you into a bit more risk.

And, NOT meaning to rain on your parade, but couldn't you have found a better consolidation % rate?

The way I got rid of mine was to open a new account, transfer balances with the low rate, cancel the other cards, payoff the new card while I still had the low rate, the cancel that one too. The only card I carry now is a citibank card, it has a high enough limit to get me out of a jam and then some.