Silverstreak Posted October 22, 2020 Share Posted October 22, 2020 Just continuing on from the last thread, my first thread began in 2013! Current total $7400 and hoping to pay some more off by the end of the year. Onwards and downwards! Quote Link to comment Share on other sites More sharing options...
Fleeting Posted October 22, 2020 Share Posted October 22, 2020 I just somehow found my way over here. I didnt realise it was closing. I need this thread it keeps me going! Quote Link to comment Share on other sites More sharing options...
Silverstreak Posted October 22, 2020 Author Share Posted October 22, 2020 Me too Fleeting, me too!I started the first thread when DS was nine months and now he is eight! Quote Link to comment Share on other sites More sharing options...
Fleeting Posted October 22, 2020 Share Posted October 22, 2020 And I remember when you started that one, though I may have had another name back then! I'm here to keep us accountable Quote Link to comment Share on other sites More sharing options...
Silverstreak Posted October 22, 2020 Author Share Posted October 22, 2020 Great to see you here! Quote Link to comment Share on other sites More sharing options...
Silverstreak Posted October 22, 2020 Author Share Posted October 22, 2020 So I just spoke to Citibank and they have offered us another 12 month balance transfer fixed payment option at 6.9%, which worked well for us last time. So I'm considering transferring at least $5000 across from the ANZ, which will mean approximately $500 fixed monthly payments, which I think is doable, given our new monthly utility bill. (For the last year, we've been paying $800 per month, which we managed just fine.)They'll call back in 48 hours to see if we want to go ahead, which gives DH and I time to think about it in the meantime. Feeling quite proactive today. Quote Link to comment Share on other sites More sharing options...
Silverstreak Posted October 23, 2020 Author Share Posted October 23, 2020 So I had a chat to DH and we are going to take Citibank up on the offer. DH wants to move the entire current debt across, so that'll all be on a fixed payment, we'll see how we go! I'll put a recurring reminder into iCal the way I usually do. So we'll have a year to pay off, but hopefully we'll pay it off sooner, as we'll be getting some payment from DH's work later in the year. Very pleased to have organised this, go me! Should save us over $500 a year interest, if my rough calculations are correct. Quote Link to comment Share on other sites More sharing options...
Fleeting Posted October 23, 2020 Share Posted October 23, 2020 Wow that would be a great deal. Our rates are sitting at 12% for both cc and personal loan. We had the bank ring us the other day asking if we wanted to transfer our mortgage across to them for a 4k bonus. It is tempting but it will feel like starting again, and unless we're disciplined to keep paying the same amount it really won't achieve anything.They don't offer offset so I think I like my set up.My loan payment is $500 a month which is why I chose to pump onto that rather than cc. I'm averaging an extra $200 on top per month at the moment. It's starting to move quickly. I'm wary to consolidate when I feel like I'm getting somewhere.But my ccs seemingly has balanced so when that whopping $150 comes through it will go straight on there. Quote Link to comment Share on other sites More sharing options...
Silverstreak Posted October 23, 2020 Author Share Posted October 23, 2020 Your setup sounds really good Fleeting!Our aim is to pay off the ANZ every month, so as not to accrue any interest, which I think will be a work in progress, but DH worked out that if we pull it off, we'll only be paying $40 a month or so in interest. We'll see how we go!Onwards and downwards! Quote Link to comment Share on other sites More sharing options...
Fleeting Posted October 23, 2020 Share Posted October 23, 2020 That would really make it feel like your making a dent!! Let's do this! Quote Link to comment Share on other sites More sharing options...
Silverstreak Posted October 23, 2020 Author Share Posted October 23, 2020 Yay! Quote Link to comment Share on other sites More sharing options...
Silverstreak Posted October 26, 2020 Author Share Posted October 26, 2020 So our total balance is now at 6.9%, very pleased! Quote Link to comment Share on other sites More sharing options...
Silverstreak Posted October 26, 2020 Author Share Posted October 26, 2020 I've just requested to cancel my monthly photo bucket subscription, so that'll save $120 a year. Transferring the car into DH's name has saved us $200 per year and changing our utility provider should save us $400 a year. Along with approximately $500 a year saved in CC interest, we'll be saving $1220 per year, which is great. Quote Link to comment Share on other sites More sharing options...
Chicken Pie Posted October 26, 2020 Share Posted October 26, 2020 I'm here too its been a financially difficult time for the last 12 months, but we slowly turning it around now. Closed a loan but we bought a new car. we also needed a new bed. but now the loan is gone which i started chucking into, that can be redirected to the CC's. Quote Link to comment Share on other sites More sharing options...
Silverstreak Posted October 26, 2020 Author Share Posted October 26, 2020 Good luck Chicken Pie! Quote Link to comment Share on other sites More sharing options...
Fleeting Posted October 26, 2020 Share Posted October 26, 2020 Good luck Chicken Pie!!Silverstreak wow!!! You've been busy. Sounds great! We're all back onsite/ at school now so some of our petrol savings have to go back to petrol But so glad shops will be open from Wednesday!!!My ccs comes through tomorrow so that little $150 is going straight on my loan to take it to about $6750. I'll give an update when I have a figure. My DH is paid at the end of the week and I've paid my daughters high school fees for the year so I'll transfer the $310 I usually pay on that over as well. Woop! Quote Link to comment Share on other sites More sharing options...
Silverstreak Posted October 26, 2020 Author Share Posted October 26, 2020 Awesome Fleeting! Quote Link to comment Share on other sites More sharing options...
Fleeting Posted October 27, 2020 Share Posted October 27, 2020 New balance as of today is $6725!I might be able to get intobthe 5ks before the end of November. Quote Link to comment Share on other sites More sharing options...
Purpleblaze Posted October 27, 2020 Share Posted October 27, 2020 I'm just a lurker in this thread but we're in the process of refinancing our mortgage to get a better rate, this includes ditching the ANZ rewards cc as we get a new cc with the new offset. We'll save over $3K a year compounded. Just a reminder to review your interest rate, negotiate with your bank (ours barely budged) and find a better offer. Our broker got us a much better deal with another bank so we've just completed all the paperwork. Next is redirecting all the direct debits once the new cc is approved. Quote Link to comment Share on other sites More sharing options...
Silverstreak Posted October 27, 2020 Author Share Posted October 27, 2020 Nice one Fleeting and Purpleblaze! Quote Link to comment Share on other sites More sharing options...
Fleeting Posted October 27, 2020 Share Posted October 27, 2020 That sounds like it is going to help a lot Purpleblaze! We recently negotiated our rates and we're on a pretty good deal. My mortgage broker did everything for me! Quote Link to comment Share on other sites More sharing options...
Wonkalicious Posted October 28, 2020 Share Posted October 28, 2020 Argh!!!I'm confused. I clicked on the link in the old thread and it brought me here. I feel like I'm in some weird Twilight Zone.Can someone explain what has happened? Clearly I am not on EB much - is EB being killed off?PS - I was 2littleboys but they aren't so little anymore and I guess this means I'm less identifiable Oh and mums probate has been finalised. We are down to 1 credit card and the mortgage now. Still $17k on the credit card Quote Link to comment Share on other sites More sharing options...
Silverstreak Posted October 28, 2020 Author Share Posted October 28, 2020 Nice to see you Wonkalicious! Yes, the forums were closing end of October, it's been extended to the end of November, so we're migrating over here. Quote Link to comment Share on other sites More sharing options...
Fleeting Posted October 28, 2020 Share Posted October 28, 2020 Hello Wonkalicious!Onwards and downwards! I have my credit cards too (2 both similar size) but I'm just working through my loan first, as it keeps me motivated. The good news is Im not using them! Quote Link to comment Share on other sites More sharing options...
coolbreeze Posted October 29, 2020 Share Posted October 29, 2020 I am glad this thread is here. I just mainly lurk to keep me motivated. I have paid 50% of my cc balance since March. Do rounding each time I access my bank account. All the extra little bits helping! It’s been my lockdown project Quote Link to comment Share on other sites More sharing options...
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