What happened? I spent $2,500 on a new A/C unit for the house. I wanted to get this out of the way before the heat comes. My plan is to have CITI at $5,000 by the time I start to use this new unit. The goal for December is to pay at least $700 dollars.
Stupid? Yes! So why did I do this? Because I live in Texas and nothing scares me more than the thought of having no A/C in the summer.
Positive news: they’ve decided to increase my credit line to $29,000 dollars, I am hoping this helps my credit score, it is currently around 700.
Now some negative news, I received a letter in the mail stating that they are going to change the terms of my account, my new APR is 15.999%. I heard on the news that this was coming, so no surprise there. The goal again is to pay this off as soon as possible.
HS
5 comments:
Don't feel too bad, the A/C is a requirement and not a frivolous purchase. We moved to Houston last year and for sure, you need one. I wonder if Citi will send me the same rate increase letter. I got one yesterday from AMEX, but l was expecting it as it was in the papers when they announced the job cuts
Once again, you made an impulse purchase and failed to make a plan. You are correct - it was STUPID.
OUCH!!!! 15.999% interest! Can you try applying for a zero interest card? Check My Dollar Plan for several 0% interest cards that are available - Madison keeps the list current as she plays the credit card arbitrage game. Were you able to get a discount since you bought off season?
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By how many months did you need to beat the hot weather??? You could probably have delayed the AC purchase by at least two months, and had some cash saved for the unit. Judging by your actions, it certainly doesn't appear that you are truly committed to ridding yourself of your debt. It sounds as if you are more interested in the idea of not having debt, than actually taking the necessary steps to do so. As an example, while many will folks will talk about "running" a marathon, most fail in the endeavor because of the training involved. And, most that do complete the distance, do it in a time that is probably far slower than their true ability. I guess even half baked attempts are better than none.
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