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#31 Erasing the digi footprint

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Posted 29 August 2005 - 09:47 PM

We put absolutely everything we can on our cards each month (husband has a $18K limit and mine has a $12K limit) then do a sweep and pay *most* of it off each month...well usually anyway!!

That way we keep the money in the savings account and mortgage offset as long as possible and reduce the interest on the home loan and earn interest on the savings account until we hit the 56 day grace period each cycle.

Also we accrue thousands of frequent flyer points each year.

Currently we have a fair amount sitting on my card that we used for those 'emergencies' when I was on maternity leave (ie... we still lived as if I *was* still earning money..duh!!) but it will be gone by mid next month smile.gif

I would LOVE to only have $650 on my card!!!!!!!!!!!!!!!

#32 busybride

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Posted 30 August 2005 - 11:55 AM

QUOTE (Little Poppett @ Aug 29 2005, 09:47 PM)
We put absolutely everything we can on our cards each month (husband has a $18K limit and mine has a $12K limit) then do a sweep and pay *most* of it off each month...well usually anyway!!

That way we keep the money in the savings account and mortgage offset as long as possible and reduce the interest on the home loan and earn interest on the savings account until we hit the 56 day grace period each cycle.

Also we accrue thousands of frequent flyer points each year.

Currently we have a fair amount sitting on my card that we used for those 'emergencies' when I was on maternity leave (ie... we still lived as if I *was* still earning money..duh!!) but it will be gone by mid next month smile.gif

I would LOVE to only have $650 on my card!!!!!!!!!!!!!!!

Oh, so that's how you managed whilst on maternity leave. I guess the old credit card would come in handy then. I never thought of that. At least you wouldn't have to go without.

I'm anxious about maternity leave! I need to try to relax.

#33 Leanne

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Posted 30 August 2005 - 10:23 PM

My god my heart is going crazy in mini heart attacks over some of the amounts...

Until recently... we had a biggish sum owing (Sorry to say I won't share the amount) but we were lucky to be able to pay it off.

$650 is mild babe, just make sure you do pay it off... try not to use the card again (Without the fund being out on)

Interest is a MOO... but hopefully you won't be hit too hard.

#34 Erasing the digi footprint

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Posted 30 August 2005 - 11:14 PM

QUOTE (busybride @ Aug 30 2005, 11:55 AM)
Oh, so that's how you managed whilst on maternity leave. I guess the old credit card would come in handy then. I never thought of that. At least you wouldn't have to go without.

I'm anxious about maternity leave! I need to try to relax.

Jesus no!!

We saved for me having time off work. We just 'accidently' used the cards for extras like restaurants and holidays that perhaps we should not have indulged in whilst down to one income.

No big debt though thankfully- just a tad more on the card than we would usually like!

#35 hearts_in_asia

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Posted 30 August 2005 - 11:34 PM

QUOTE
I know a guy who has nearly $100K owing on his and he had to get another one to pay for his honeymoon!

ohmy.gif ohmy.gif ohmy.gif
OMG that's half a house!!!
And IMO, using a credit card is not 'paying' for something, it's borrowing or owing for something. Credit cards make it too easy to spend money you dont have.
And OMG Court! I couldn't imagine having an $18K limit! But hey, I guess we all earn different incomes smile.gif Maybe one day (when I'm a world renowned botanist who gets paid to fly all over the world to conferences on the conservation of endangered plant pecies ph34r.gif )
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#36 busybride

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Posted 31 August 2005 - 10:47 AM

We would never recover from $100,000.00. ohmy.gif

As an aside from credit cards, we've had a personal loan with W*stpac since last year. They don't send us statements for it, so yesterday I rang up to enquire what the balance is and, despite giving the bank $250.00 a month, we have only paid $700.00 off it in all this time. It was meant to be that we got a letter in the mail of a special offer for a personal loan 4.9% pa for the whole life of the loan. So I called bank this morning and found that their interest rate is 11.95%! I'm going to check out everything with the new lender of course (we have until the end of September to apply for the special loan with the new lender, so that's plenty of time). I told Westpac this morning that we'll be having them paid out. I can't believe we have spent months and heaps of money being ripped off by the bank! mad.gif I was awake from 4am feeling sick about it this morning. I'm going to be faxing off the application form tomorrow. It will be such a load off our minds.

#37 cricket

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Posted 31 August 2005 - 11:37 AM

Bloody interest hey, we have a personal loan and pay $400 per month but really only pay $250 - $300 per month because the rest is interest. Unfortunatley we had no choice in borrowing the money, sometimes you need to borrow to get ahead.

#38 busybride

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Posted 31 August 2005 - 11:42 AM

Yeah that's true. At the time, we were so relieved to have that loan approved that we really couldn't have cared less what the interest rate was.

But now that I'm pregnant and I know money will be tight next year, I'm trying to prepare us as best I can. We are going to apply to our bank to get our mortgage payments reduced while I'm on maternity leave aswell, so if I make a few changes, it shouldn't hurt us as much.

#39 hearts_in_asia

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Posted 07 September 2005 - 12:32 AM

Happy to report, that as of today my credit card is all paid off and ready to go for trip OS biggrin.gif Now only D's debt to work on dry.gif
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