OPERATION CHRISTMAS CHILD 2012

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Credit Card Debt Update

Well, Crap.  My plans to consolidate our credit card debt on to one "no interest for one year" credit card did not quite work out.  We applied on line two nights ago and were instantly approved.  I went to the website this morning to check the progress of the transfers, and I see that we were not approved for the amount requested.  And only half of the amount approved was available for balance transfer.  So, we decided NOT to complete the partial transfer and now we are moving on to Plan B.

Plan B is accessing the Bank of Mom.  Yes, in the past, my mom has offered to "loan" us the money needed to pay off the credit card debt.  We declined because ..... well,  we declined mostly because mostly of pride. I think we can swallow that pride now.  I am going to call her today and talk to her about it to see if the offer is still on the table.

6 comments:

Jane said...

Very familiar with the Bank of Mom though in my case it was the Bank of Dad. Couldn't have managed without it back in my days of poverty (going through university, single parenting etc). But paid him all back and now I'm holding my own.
In other words - go for it:)

Lisa @Cents To Save said...

Thank you Jane. :)

Maureen said...

I don,t normally ask for a loan at the bank of Mum and Dad, however they helped out when Hubby was really sick. And I am putting away money just now to pay them back.

Lisa @Cents To Save said...

Maureen....If we do borrow money from my mom we will pay it back in 15 months with interest.

enoughwealth@yahoo.com said...

Since you were approved for a balance transfer of half the total amount, and could pay back the entire amount in 15 months if borrowed from your Mom, why not borrow HALF the amount from your MOM and pay it off in 9 months? The test can be borrowed at 0% using the available balance transfer to the new CC?

I'd borrow as little as possible from bank of Mom - just as a matter of principle.

Maureen said...

I don,t normally ask for a loan at the bank of Mum and Dad, however they helped out when Hubby was really sick. And I am putting away money just now to pay them back.

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