Hallelujah! We’re free of credit card debt!!

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OK, so first of all … this is not my cat … but this IS how I feel!!

I checked my savings account today, and … there was almost $3000 more there than there was yesterday! Our family payment for last financial year had been paid!

This is largely money we didn’t know we were entitled to last year, so we are receiving it now as a lump sum, instead of weekly then.

Needless to say, I was pretty excited!! 

Just like my tax return last month, I hightailed that cash out of there and into my credit card account. It’s now PAID IN FULL … in fact, for now they owe me $2!!!

I will actually still have to pay a bit of residual interest for this final month, but I obviously won’t be too worried about. It should only be about $20 or so. 

Interestingly, right on time, the bottom half of our TV screen went black. We had half a picture. It actually looked like the image had `rolled up’. However, I gave the TV a good bang and it went back to normal. It’ll last a month or two yet! There’s no way a new TV is going on that credit card. (The timing is amazing though, isn’t it?).

This feels fantastic and the next thing to do is to plan what to do with that $110 a week that we usually put towards the credit card debt. Much as I love the idea of a debt snowball, I’m probably not going to use all of the money we were paying into the credit card debt to get to work on our car debt. Instead I have worked things out, and if I increase payments on the car loan by $30 a week, we will pay it off in two years. That’s pretty cool. As for the other $80, I’m going to leave it unbudgeted for a few weeks, because we do have some added expenses coming up in coming months, and there are a few things we need to do to improve our lives (which I will go into in a future post). We have been doing nothing and buying little for quite a while, and I need to get some work clothes as I only have three suitable shirts at the moment.

As a special treat, this weekend my hubby and I are considering taking our little boy to a nearby wildlife sanctuary to see the koalas, kangaroos and crocodiles. He loves animals at the moment and I think we all deserve a special outing.

Life is good!

Funnily enough, I actually have had some more good news. I rang up my bank yesterday to see if I could get internet banking access to my car loan account. The girl was really friendly and though I was having some trouble hearing her, I got the message that it was her birthday, so of course I congratulated her. While she was getting my internet access organised, she asked me if I was ringing to get a payout figure. I said I would love to be doing that, but I couldn’t afford to pay it off just yet. She said OK and just asked me to hold the line for a sec while she finished obtaining the net access. When she came back, she told me the net access would now work, but also she said she had also talked to her supervisor and they were going to drop the interest rate on my loan by 1.5% for the life of the loan!

I was flabbergasted and all I could say was `why?’. I’m up to date on payments and wasn’t threatening to pay out the loan, so I couldn’t figure it out. She just said it would help me pay off my car loan quicker …

I’m not sure why or how it happened but I wasn’t complaining! Maybe she was in a good mood. She had told me her workmates gave her a bottle of champagne for her birthday … surely she hadn’t gotten a little `happy’ at work? Anyway, I got the paperwork in the mail today, so I am very impressed.

Needless to say, it is probably well worth it to them because I am likely to do a heap more business with them in the future.

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3 Comments »

  1. Congratulations!!!!! I’m happy dancing with you!

    I can’t wait until I can post the same thing on my blog. It’s going to be a while though.

    I’m bookmarking this post. It definitely deserves a mention on my Saturday blog post roundup!

  2. frugalchick said

    Hooray! both for eliminating the credit card debt and the interest rate reduction. Good job! As for the TV, you might be able to get a free one from Freecycle or even Craigslist.

  3. […] be sure to stop by So Sick of Debt to congratulate her. She paid off her last credit card this week! She’s not completely debt free yet, but this is a huge […]

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