HH: I just edited my post to list the other features she'd lose.
HH: I just edited my post to list the other features she'd lose.
That's even better to know ;-)Originally Posted by MoneyGal
I guess then one thing OP should do is see if she would qualify for any of the perks/reliefs and so on OSAP currently offers.
The loans that we currently have have interest rates of: 4.99% (vehicle), 3.06% (vehicle), 10.25% (bike) and the OSAP is 5.5%. The rest is credit cards, which are substantially higher, but the total amount owing on those is a small percentage and it is what we are focusing on paying off first. I know the bike loan interest is high, but are the other ones very unreasonable? All loans are open and we can make lump sum payments without penalty.
If we follow our payment schedule, we will have the credit card debt paid off in July 2013 (so less than a year) and pay somewhere in the range of $400 in interest. Still worth it to pursue consolidation?
As for OSAP: My loan has already been deferred to capacity (it is an old loan). I have no plans to return to school full time (if I did go back to finish my University, I only need 2 courses and would be part time), and part time does not qualify for those benefits. At any rate, we couldn't afford to go back to school full time - if either of us went back it would be on a part time basis (but I think this is unlikely in the near future). DH could not defer his loan based on his income now, so this would only be an issue if he were to lose his job. But his payment is only $92 a month as it is.
Last edited by petulantfem; 2012-10-22 at 03:03 PM.
Just popping back in with a small update.
So, in January, we owed $62,424.31. We had nothing in our savings at all.
As of today, our debt is $53,366.49! We are hoping to cut that by another $10,000 by the end of the year. It makes me crazy to think that if we hadn't accumulated all of this debt, we could have been putting all of that money away in savings. But I feel like we are making progress.
We also have $2,468.40 in savings.
Last edited by petulantfem; 2013-04-19 at 06:58 PM.
The hardest thing to track is where the ATM withdrawals go. Most of us don't keep receipts for coffee; Mcdondalds etc and you would be surprised how it adds up. Go back say 3 months in your banking and add up all ATM withdrawals just to see what it adds up to.
It's true! We have been tracking everything including coffee and bank fees for the past 4 months. What we have done is H has a Tim's card that we reload for coffee. We don't withdraw cash at all any more, really. Just use debit and credit and we have unlimited debit transactions. The only bank fee that really hurt us was the overdraft fees but we're out if overdraft for good in all accounts.
you're 50g's in debt and the guy can't sell his bike to help out family? and pays 10% interest on it, wow
Congrats petulantfem on the solid effort thus far. Keep fighting tooth and nail to move things forward. Stay focused
Wow! That's huge. I can only imagine how great you guys must be feeling compared to when you first started this diary thread. Well done!Just popping back in with a small update.
So, in January, we owed $62,424.31. We had nothing in our savings at all.
As of today, our debt is $53,366.49! We are hoping to cut that by another $10,000 by the end of the year. It makes me crazy to think that if we hadn't accumulated all of this debt, we could have been putting all of that money away in savings. But I feel like we are making progress.
We also have $2,468.40 in savings.
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