suhawk

I moved my savings to a credit union account on Friday. I’m tired of placing funds in the larger nameless faceless banking system and want to do something that will help people locally. I won’t be able to save very much at first, but as credit card debt goes down, there will be opportunities.

We refinanced our house successfully. We got 4.875 percent instead of 6.5 that we were paying, so this made a $133 difference in our payments. Also, it simplifies my life because the loan got sold to the same bank that handles my checking and savings account. It will be easy to pay online, set up alerts, etc.

I moved his consumer debt over to a credit union account bearing a much lower interest rate. He has been paying for two years on the debt and making almost no progress. When I looked at it, I found it was because of high interest rates. Now it can be paid back in three years instead of being an endless source of income for the nasty credit card companies. You can’t convince me that they serve any truly useful purpose—these companies are just plain evil. The downside is that now instead of him having debt – I have it! We just didn’t have any other choices, but to trust each other and do this if we wanted to free ourselves. And the way I look at it, is it affects my quality of life too much to let it just be his problem. He now pays me every month an amount equal to what it takes to pay off the amount by May of 2012. This is more than twice the minimum payment! Then I pay the credit union. I think this is going to work.