Last week I called Capital One about the 6.something % personal loans they offered on thier website. I wanted to consolidate my credit card debt into one lower interest loan. Apparently they update thier site as much as I update my blog becuase when I called the Indian (slurpy not casino) guy on the other end informed me that they are no longer making new loans given the current economy. Fuck! No dice.
So lately I've been a broke motha'. Usually I have to choose between eating or going out with friends. Living like this blows so I wanted to free up some cash so I can stop being a Dollar Menunaire. The only option I could think of was to refinance my car loan balance by adding another year to the payoff date. This turned out to be a good f'n idea. Here's why:
Car loan: $20,000 at $475/month
Car Value: $26,000
New Car Loan: $26000 at $509/month
I realize that I wanted to reduce my loan payments but.....
Cash Money Check From Bank Yo: $6000
This gets put on my Credit Card Debt effectively transferring 6K of Credit Debt at 9.9% to secured debt at 4.9% and reducing my minumum monthly payment on the cards.
Now of course I can't sell my car but it's fucking nice and I don't want to anyway. The only thing I can see going wrong is if I wreck my car. I hope this works! Now all I have to do is keep from spending all that dough on strippers and other awesome things before I get it in the bank.
Wish me luck.
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