Monday, June 29, 2009


I decided to pay down my last credit card instead of saving for a car for my son. Thank you to everybody that gave input to my decision. Paying down the credit card is the responsible thing to do for my financial well-being and I think it is also the best decision for my son. He is choosing not to get a summer job because he is focusing on training for cross-country season. One consequence of not having a job is the inconvenience of sharing a car with your mother. I think that this will be a valuable life lesson.
$2600 left to pay on the credit card. My original goal was July 1, but that is not going to happen--too many Murphy visits--plumbing, car repairs. My revised goal is to finish by October 15.

Friday, June 26, 2009

Capital One--Canceled, but not gone

I just called and cancelled my Cap 1 card because they were changing the terms of agreement.
My current interest rate is 5%, and it was increasing to 13%. If I opted out of the new terms, my card would be cancelled., but my current rate will apply while I pay off my card. This sounds almost too good to be true--that I can keep the 5% rate. I'm holding on the the written notice, in case my rate does go up.
My new goal is to pay off the card by Oct. 15. This sure is taking longer than I thought!

Thursday, June 25, 2009


I haven't posted in a while because I haven't been able to decide whether to keep paying down my credit card or save for a replacement car for my son, who wrecked his car in the spring. I still haven't completely decided, but I'm leaning toward not replacing the car even though sharing a car will be very inconvenient when school starts. Paying down the credit card makes more sense financially.