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Hidden Cost of Reducing Debt


It is now 5:53am and I haven’t went to bed yet. I should, because I have to work in a few hours. But I couldn’t. I’ve had something on my mind.

Lately, I have been offered and accepted more work than I should have. I work 40 hours a week as well as another job that is about 6 hours a week. And then I just accepted another job that is sporadic and temporary, but could take up to 20 hours a week. Add on to that the overtime I have been offered at my regular job.

That’s a lot of working. More than I ever really wanted to do.

There comes a time where you have to ask yourself if the quality of your life will diminish while you are working towards your goals. By quality of life, I don’t necessarily mean materialistic things. I mean things like spending time with your family. Right now, I am not spending much time with my son at all. It is definitely not as much time as I want to spend with him.

I am regretting taking on so much, but I know why I did it. I was temporarily blinded by the dollar signs I saw in front of me. Dollar signs that would help us get out of debt. After so long of living paycheck to paycheck and watching every penny (believe me – I was), this was an opportunity to have extra funds to pay down our debt and lower our monthly payments.

But at what cost?

Technorati Tag: debt

A Personal Loan to Play Credit Card Balance Transfer Game


A few months ago, Credit Card #1 decided to raise the interest rate on me again. I was so flustered that I soon was on a mission to get that debt off of that card.

I actually went into two banks and discussed the possiblity of getting a personal loan to pay the credit card so then I can turn around and transfer the loan balance right back to the credit card (to take advantage of their 0% interest balance transfer offer).

I had all of my papers with me, including the offer from the credit card stating the end date to accept the balance transfer offer.

It didn’t take long for them to say “No.”

I briefly then considered finding a loan shark, but decided against that choice. I guess I will get rid of Credit Card #1 the old fashioned way.

Technorati Tags: balance+transfer, personal+loan, interest+rate