Financial Update

Back in January I posted this saga about my financial situation. I was going to do a report at the end of the first quarter but decided to wait a few weeks because I knew I was expecting an income tax return (I love income tax returns).

I'm am happy to announce...drum roll please...I have completely paid off one of my credit cards. Yayyyyyyyyyyyyyyyyy!!! I am sooooooooo on track to have the second one paid of by the end of the year (I'm hoping sooner...) and then the only debt I'll have is student loans. Again yayyyyyyyyyyyyyyy!!!

But there's more! You didn't think I'd just do only that now do you??? lol

Since January I've paid a bit over $875 on the *principal* of my three student loans (trust me my payments have been way more than that - damn interest rates).

I called about my CIBC loan today. I'll admit, I don't have a lot of love for the CIBC. When I was a kid I had an account with the CIBC. From the time I was 12 until I was 18 the child support cheques were given to me directly (see my mother really did make an effort to make me financially responsible even if she didn't teach me how to save). Every time I went in to cash one of those cheques I was treated like a leper. I generally had to speak to at least two tellers before they would do it, sometimes a manager. The cheques were not excessively large - $100. I had enough money in my bank account to cover them. When I was in my later teens I had a part time job and constantly was depositing money into my account. And still I was treated horribly. I wasn't happy that I had to take a loan with CIBC but I didn't really have much choice. In my last year of school they kept "misplacing" my confirmation of enrollment papers and tried to suck money out of me even though I was still a student and gave me a big fat black mark on my credit report that's still there (they apparently can't change it because they reported it and yes they were wrong not me and they were real bastards about it and refused to give me a letter to give to the credit bureau saying it was there issue not mine although I haven't tried that tactic lately). And then there was that whole thing where they kept accidentally faxing people's confidential information to a Virginia junkyard owner for THREE years.

Um yeah...not their biggest fan. So that's the first of the student loans I'm hoping to erase. It's also the smallest of the three student loans I have (currently at about $10,500). I made my first step of getting to that goal faster but calling them today. I'm increasing my monthly payment to them by $34 a month so the monthly payments will go from $106 to $140 (the same amount as my NSLC loan). Aside from just wanting to get rid of this loan, the interest rates have gone up a bit the last few months so I'm trying to counterbalance that as well. And after the second credit card is paid off I'll try to start funneling extra cash onto it as well. But now this is where it gets good - cause I promised you good things were coming remember?

Under the $106/month plan it would have taken me 146 months to pay this off (12.16 years). But under this new payment schedule it's only going to take 104 months. That's a difference of 42 months. That's a difference of 3.5 years. For a difference of $34/month.

How cool is that?