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Debt Consolidation Update and the Car Will Have to Last

August 29th, 2007 at 02:13 pm

Well, we've done it. We have transferred all of our Bank of America credit card balances and our Citi credit card onto the debt consolidation loan and they are now reading with a balance of zero. We have one credit card left with a balance on it and it is at 1.99% until October of 2008.

We are going to aggressively pay this credit card down now. DH and I decided we will not start saving seriously for a new car until after this card is gone. We think we can have it paid off by March or April if we throw everything at it as hard as we can.

As soon as it is paid off we will start saving for that car. We will be putting enough aside though to get our current primary vehicle in tip top shape so it will last another two years. And we will do some repairs to the Blazer and try to sell it. I don't know if anyone in their right mind would buy a vehicle that gets an average 16 mpg. It is a luxury version (and no we didn't buy it new) so its possible some dumb 16 year old out to buy his first vehicle might plunk down a few thousand for it cause its pretty and status-y.

Over all it is in decent shape, but the air conditioner needs to be refilled and the 4 wheel drive needs $200 in repairs and I think a new serpentine belt soon.

The only reason we bought a 4 wheel drive was to get out of the mountains when it snows bad, but we've come to the conclusion over the years that when it snows bad it is better to stay put until you absolutely must go out and by then the roads are plowed and the regular car is fine. So it really isn't needed.

I don't even remember why I ever thought it was so urgent to get out of the driveway and out of the mountains to begin with. I don't have an outside job and DH works in Alaska. There really is no real reason to leave during bad weather as we have a good store of food laid up especially in winter time.

Anyway, so if we can get two or three thousand for the Blazer and drop it from our insurance we can throw that money at the last credit card as well. And that is also where our income tax return will go.

It will be nice to get down to medical debt, mortgage, and debt consolidation loan.

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