So I had these two high-interest rate credit cards. They were leftover from a time when I was a) young, b) poor, and c) desperate. I had not used either of them in years and we’d been paying them down faithfully but they had swollen to the point that it was impossible to get ahead. And they charge such a small monthly payment that — and I so very much wish I was kidding about this — one of them would have taken SEVENTY SEVEN YEARS to pay off had we made only the minimum payment. They are required to post this kind of information on your statement nowadays so that you understand exactly how screwed you are. I think that’s awesome and wish it had been the case years ago when I was uninformed and ignorant and had hope for the future and stuff.
At any rate, we’d tried to negotiate for a lower interest rate but no dice. You’d think that In This Economy they might have been more motivated to keep me as a customer, but no. They all but laughed in our faces.
So, yesterday we went to the credit union and applied for a loan to pay them off. At way less than half the interest rate. In four years we will be free of them forever. And there will be no more credit cards in our futures, except decent ones used for traveling only — it’s much easier to rent hotel rooms and rental cars with credit cards, and I do like to think that someday we’ll get to travel. Right?
Today we’ll stop in and sign the papers, including letters authorizing the credit union to close the accounts when they pay off the balances. And so the credit card companies can just f*ck straight off.
It’s oddly satisfying, and will be even more so when we pay that last payment.