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Update on Line of Credit and Surgery

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Update on Debt Reduction Strategies

I called to find out about the line of credit I applied for. It’s a good thing I am decent at telephone negotiations, because they definitely gave me the runaround. The application was stuck somewhere in the system, but I finally found out it is now conditionally approved (pending income verification). No comment on how I was supposed to find this out (carrier pigeon? Smoke signals? They certainly didn’t call, write, or email). The problem is that they approved me at a much higher rate and told me the promotion I applied for had expired!

Politely, I noted that I applied a few days after I got the email, well before the deadline of the 19th. I’m not psychic and no one reached out. For some reason, I had to explain that to two different people over the course of 35 minutes. I dislike wearing the “can I speak to your manager” hat, don’t you?? Regardless, the application moved ahead and I’m now putting together my proof of income. Fingers crossed they accept it. I included my bonus in there which wasn’t smart, in retrospect, but I receive that bonus every year.  I’ll include my tax returns as evidence. I also have side income I need to submit proof of. The whole thing is still a bit shaky but I remain optimistic.

What to do with a $9500 line of credit?

I plan to pay off my two credit cards with it. They are both at 19.99% interest and the payments are stressing me out! I’m not sure what to do with all the payments and subscriptions that come off my main Visa card. Things like my weekly transit pass, monthly subscriptions such as Netflix and Spotify, pet insurance. I don’t account for these things properly in my (let’s be blunt, non-existent) budget. I’m thinking of closing one credit card and keeping the other one open for these items, and paying them off every Monday to stay on top of the balance. How do you handle monthly payments on a credit card? I prefer the protection of Visa to Visa Debit linked to my checking account. Getting money back from erroneous billing/fraud in your checking account is next to impossible, whereas it’s fairly easy with credit card companies.

Eventually, I’d really like to switch to a travel rewards card. I want the premium economy leg room and airport lounge access, baby! A girl can dream. For now, I need to demonstrate I can be responsible with credit and work with what I have.

Surgery went well

Update on the glomus tumour removal! I feel SO MUCH better this time around! My hand already has more mobility than it did three weeks in to healing last time. The surgeon went in from the side to avoid existing scar tissue, and I get to keep my fingernail this time. I also have to say, this was my first time at this particular hospital (Sunnybrook Hospital in Toronto). It was just so nice compared to the Scarborough hospital, which is down the street from me. Sunnybrook is far more advanced technologically! They were scanning the barcode on my wrist everywhere I went and had monitors in waiting rooms for families to see their loved one’s surgical status. I was able to give my parents my patient code and they could see my status online, too.

I moved around a bit in prep, and I was given three heated blankets in that time. The nurses would wrap the blanket around my shoulders and give a little squeeze. It felt so nice! And then in the OR, the surgeon noticed tears in my eyes, and he asked what was wrong. I said I regretted not having my parents there that day. He said his daughter is 30 and she would want him there if she was having surgery, too. He said, “We can go as slow as you want. I won’t do anything you don’t want me to do. Let’s talk through what’s next and you can let me know when you’re ready.” He was so compassionate, and I was so tired and emotional. His kindness warmed me right through. He held my hand for a bit, and I will remember that forever.

Next up…

Time to get the financial house in order. It still feels like I’m free-falling with spending and expenses. The goal: get the whole budget done to minimize anxiety. I’m beginning work on that right now. I’m off work til Wednesday!


Considering Student Loan Payments

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My student loans are in deferment until next spring. Up until this past week, I hadn’t made any payments since they went into deferment.

But I know the interest in accumulating and adding to my already large balance. And it’s time I did something about that. Even if it is just a little something.

I asked the BAD Community for guidance on what debt I should be targeting over the next couple of months last week in my September Debt Update.

Student Loan Balances

Here is where it stands right now (screenshot taken 9/10/18:)

student loan balances

I’ve never really paid attention to the Group A and Group B and I’m not sure how that affects anything since they both have the same interest rate.

Plan of Action

With a target on a different debt, I have some questions about my student loan plan of action. Knowing that no payments are due until next spring AND that it is accruing some interest.

  1. Should I add a small regular payment toward my student loan debt to my monthly budget?
  2. If yes, should I target a specific Group? And how does that matter?
  3. If yes, how much should I add to my monthly budget? I’m guessing it should be enough to cover interest and prevent an increase in the on-going balance.

I paid $100 toward Group B last week. Another one of my flying by the seat of my pants decisions. But I feel like I need  a solid plan with this. And I need your advice.

 


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