So yesterday as I was grumbling about the dwindling principal payments on NT's credit card, I got to wondering how much we still had to pay for his flat, and when it was due. He e-mailed his management company and they wrote back that all the foreseeable extra fees have already been paid. One of the bigger expenses they thought was coming has been put on hold indefinitely.
This meant that we had 1500 pounds sitting in the UK checking account, not earmarked for anything in the near future. I promptly sent a payment in that amount to his UK credit card. It should come through in the next few days. It will wipe out three-quarters of his credit card debt and mark a huge step forward for the Big-Picture Goal, which has been languishing a bit since AS's layoff was announced. I'm very, very excited.
Of course, 750 of that amount is from NT's gran, and we resolved to put it toward the baby fund. But once this credit card is out of the way, there will be a 270-pound surplus nearly every month from his rental income, so we can build up that amount in just a few months, and switch it into his savings account where it will sit and earn interest and be ready for when we have a child!
I asked NT when he was last CC-debt-free, and he reckoned it was 1995. I'm going to try and get him that way again by March...
Sent huge payment to UK credit card
January 28th, 2009 at 06:18 pm
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January 28th, 2009 at 10:55 pm 1233183302
Merch, I didn't even think of that! Also, it will take me within shouting distance of the halfway mark in my household CC debt (I am counting that at $31K instead of $35K because I shifted some to student loan debt)!
Analise: ironically, when I get the CC paid off, this astute CFO will be the only family member with CC debt in her name--a lot of it, too! LOL. But that's just how it worked out in the debt snowball.
January 29th, 2009 at 03:24 am 1233199447