I remember reading a couple of months ago about the new drop in internet rates. They were talking on the news about how interest rates were at the lowest they have ever been and the pros and cons etc etc. Then I remember reading about a man who saw this as an opportunity to get yet another line of credit loan so he can finish refurbishing their home and take the kids to Disney. He wanted to take out another $50,000 which will make his loans to $500,000.00
What the actual *beep*.. 500k in line of credit and loans.. who the hell would give that to him. If the interest rates when up (which I am sure they will) he is risking bankruptcy.. and how the hell is he going to pay it back.. I just don’t understand… it scares me to think that there is possibly many people out there with the same attitude “oh ill just borrow some more.. I can pay it back.. I want more stuff”
Also I noticed that in the last month I have received 6 (yep 6) letters from banks and credit unions advising me I have been pre-approved for a credit card or line of credit. Some of these came from my bank and others from other banks.. but really I don’t need any more credit. I am trying to pay off the credit I have..
I was really depressed about it the other day while talking to the BF about it. I have realized that in the years we have had the credit and line of credit we have paid the bank over $3k in interest alone.. and for what.. to see the original principle about stay the same or go up because we keep using the line or credit for stupid things.. I am sick of that debt. I started this blog to help me understand and pay if off but still nothing. And its not all the BF’s fault. I contributed as well.
I think it’s time for another budget overall. The budget I have it good but it needs a little changing and discipline. That $3k in interest could have gone a long way towards something else.
Time to get out of the chains that is debt. Arrrggg.. whose idea was it to get a credit card in the first place.. The BF and I have talked about not getting any more stuff and using experiences instead. We have organized a garage sale in a few weeks and hopefully we can start getting rid of some of our useless crap and put that money towards debt.