In a struggle to be happy and free

Drystone Wall

Another wrap-up

Early last year I tried to get a line of credit so I could get Revenue Canada out of my hair. I was refused, and I was told that if I’d tried a month earlier, it wouldn’t have been a problem. The economy started to slide and belts were already tightening. My bank lady scheduled a reminder so she could check again every month. With the way things were, the approval wasn’t forthcoming.

I paid off Revenue Canada and went back to the bank last month because I wanted to start investing in a small way. The computer would’ve reminded her to check on the line of credit the next day so she tried it while I was there. I was approved. She said, “If figures … just when you don’t need it.” I pointed out that I had credit card debt at an interest rate nearly 2½ times higher than the line of credit. Even though my credit card is one of the low-interest variety, with a rate far lower than the typical 19.5%, paying less than half the interest means more of my payment will go directly to what I owe rather than servicing the debt.

Later that evening, I paid the credit card off entirely. I couldn’t wait for the statement to show a zero balance. Unfortunately I wasn’t thinking and forgot that my account would be charged interest for the portion of the month before I paid the balance. Fair enough. When I got the statement, I paid the interest and this is what the important part looks like now:

Done and done.

This isn’t the same sort of milestone paying Revenue Canada was. I still owe the same amount. But it’s not to the credit card company, and I’m paying far less to service the debt so I’ll be able to bring the debt down faster and pay it off sooner. It’s still a step in the right direction and I’m pleased.




Amusements, part CLXXVII

1 Comment

  1. Shawn

    Good on ya Rick!!!!

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