I’m not big on numbers, but I had to deal with them anyway. Our banks have this sneaky way of offering you “free money” that of course, isn’t free. It’s just free of interest if you pay it off within a specified amount of time. Very tempting. The secret is that no one pays them off in time or on time or within the time limits.
I thought it would be a good way to deal with some of the stuff that needed repair in the house. The hot-water heater and the broken heating unit, the sagging window, the massive infusion of mice and ants — and … well …
It all added up and suddenly it was more than I could reasonably handle. I could barely manage it, but it was hard and we’d never dig out. I couldn’t get a big enough loan to take care of the house and its needs as well as the cards, so everything else will have to wait. Hopefully, nothing will collapse or fall down while I wait for a better situation. I spent all day adding numbers and trying to figure out if this was a decent deal.
It is a decent deal. Not a great deal, but not bad, either. All of the big cards will get paid down. I’ll save a couple of hundred dollars. In six months, I can renegotiate a lower rate and a reduced payment.
I’m not done with numbers yet. I’m still going to have to manipulate numbers to make room for this big payment that will pay for all the smaller payments. I feel like I worked for a week.
Beware anytime the banks seem to be giving you something. They are never giving away anything. They’re just luring you into a trap, sucking you down into the tar where you will die with the mammoths of old. With banks, it’s always a tarpit and you will always end up a loser.