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Posts tagged with: bank of america

Updated Numbers

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I’ve updated the debt and savings numbers.  I am overjoyed to only owe Bank of America $7.954!  I’m also excited about my extremely low signature loan rate but still somehow more thrilled about the Bank of America aspect.  Whatever motivates you, right?!  While the overall debt amount remains unchanged the savings in interest is no small gift!  I am motivated!

And it’s a good thing I am because I owe $3,950 to the IRS by March 28, 2013. Totally stinks that adding that in takes me back up to $45K in debt but it is short term (very short term…76 days in fact) and I have at least a partial plan to attack.  My goal is to “find” money to put toward that without detouring from my regular monthly debt payments. 

I have moved $1,150 from my emergency fund because I had stockpiled that for taxes when I learned of the debt. Please note:  I have created a separate “asset” item called the IRS savings account but for some reason it isn’t showing up on the sidebar.  I’ve got an email out to Jeffrey for a solution.  I received a small commission check from Pampered Chef for $100 and I sold some of the kids’ clothes at resale shops for $80.  I found a lot of random things to sell and they are selling.  As of now, I have $300 coming in from Ebay.  There’s sterling silver jewelry, purses, kids’ items, craft items and they all have bids. I do not yet have that $300 added into my IRS savings.  So I am currently at $1,330, $2,620 to go.  I really pray that I will get at least that for my wedding ring.  It is a 1-carat princess cut diamond, platinum setting that I have all the documentation for including the receipt showing the $7,000 paid for it and the appraisal at right around $10K.  I have zero emotional attachment to this ring and will spend a little time getting as much as I can but honestly–I’ll be happy if the tax debt is paid.  I do want to share for the record that I did not participate in the selection of this ring at all.  Zero input.  I wanted a plain band, no diamonds and was never very comfortable wearing the ring.  That’s not bitterness talking…just the truth.  The ring only lost more appeal when I learned of the 401K withdraw used to buy it. 

Anyway,  I have two real food workshops on the books for January with prospects for a few more.  I’m confident I can do this….but….IF I can’t “find” the money I DO have the option of making minimum payments for just the months of February and March and using the overage to knock it out.  I think I will see what comes of the wedding ring sale research and plan on revisiting my plan on Feb. 1.

Have a great weekend!


Great News from the Credit Union!

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I went into the credit union today to put the signature loan in my name alone–pursuant to the divorce decree.  While I was there I asked about options regarding both the interest rate on the loan as well as borrowing additional amounts to knock down one of the other two cards.  I am so happy to report that they lowered my interest rate to 4% AND increased the loan amount to $20,000!  I couldn’t believe it but then realized that I am better off standing on my own credit rating than combining with my former spouse!  Just another validation about the whole marital mess!

I’ll complete the final paperwork later this week and then make a payment to Bank of America to bring that balance down.  The BofA will continue to be my focus because A) the interest rate is the highest and B) say it with me…I hate Bank of America!  I’ll update the numbers when all of the transfers and such are complete.

Happy Day!  I’m feeling GREAT!  What a total shot in the arm at the beginning of this new year!