One month to go until my scooter APR resets to 12.99%. I am keenly aware that my predicament is mellower and smaller-scale than the predicament of people (including ACCOUNTANTS, and DOCTORS) who bought too much house on an adjustable rate mortgage. Why is $4300 + ($7400 x 0.1299) such a big deal to me?
I could live on everything in our pantry, except for bread, cereal, eggs and milk for a month.
I have $5000 in savings.
$3400 is coming our way probably within a month, but perhaps later. I'm not counting on that $3400 to save me, but I'll receive half of that "someday." $930 is coming to us within two weeks.
Crash-saving: utility bills come bimonthly -- not sure I'll save much by washing in cold and drip-drying.
Is cutting down on food the best/only way to crash-save? What are other ways?
I can get away until September 14 for paying late on my mortgage, but I don't know how that'll help matters.
Don't want to borrow from friends. My friends will likely not see this as an emergency worth covering, even if I could give them 0.5% interest (6% annualized) for a thirty-day loan.
How about selling books and CDs? Crib? Wedding dress? Premiere issue of Wired Magazine? I may have to go with a 6.9% cash advance from my credit card (from the credit union, not the infernal Moloch that is Bank of America) to transfer payments ($2000 @ 0.069 < $7400 @ 0.1299).
Oh blast, a crash diet which probably won't work
August 21st, 2006 at 06:03 pm
August 21st, 2006 at 06:44 pm 1156182261
August 21st, 2006 at 07:10 pm 1156183854
My babysitters do so for free -- I did offer money but they refuse. Then again, I have all this diapering and cleaning up baby experience that could go to good use, and my child is pining for more playmates outside school. That might be a good idea, as long as the clients don't know I have my kid babysat for free.
Thanks for the good wishes. I made $55 at a yard sale, but have so many more items I could sell.
August 21st, 2006 at 10:43 pm 1156196635
August 22nd, 2006 at 04:08 am 1156216089
You have $5000 plus $3400 owed to you (I might be reading it wrong, I'm muzzy headed)
Either use the savings to pay down the scooter or use it as collateral for a low rate loan from your local bank or credit union on the money. Or just put the money on your debt and get rid of the majority of it.
I'm not sure why you have to go crazy to get the loan paid off though. So you pay a bit in interest. Stupid tax, but much better than the stupid tax I've payed in the past. And you can then systematically get it paid off as soon as possible
August 23rd, 2006 at 05:00 am 1156305637
I suppose I have to go crazy to get the loan paid off because I feel I am so far behind most Americans, and owing money on a depreciating asset doesn't give me a step up.