Consolidation Loan Through, Credit Cards Soon to be Gone!
I resisted it for the longest time, but I finally have the consolidation money through. I don’t know why I feel bad about this – we bought what was basically a derelict house (it had tarmac on the walls to stop the damp coming through – ew!) and spent two years completely renovating it. We’re only pulling out some of the money that we put in, and we’re spending it on another property! It’s not like we’re jetting off to Honolulu on the proceeds…
But what it means is that I can finally get those hideous credit cards off my back and concentrate on paying back a low-rate mortgage, not extremely high rate credit cards. The majority of the money I pay in to my debt fund will be going towards the principal, not the interest. Yay!
So, tomorrow, I am looking forwards to making some phone calls and paying those credit cards off in full 
I am determined not to lose sight of the fact that a mortgage is *still* a debt that needs paying off, but it does feel nice to have a little breathing room after the incredibly tight couple of months that have just gone!
However, I must remember not to think “I’ve got some breathing space now – why don’t I just spend a little bit of money on…”
Must keep on the straight and narrow!
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Comment by glblguy
Be careful, you didn’t pay off your credit card debt, you just moved it to another debt.
Congrats though, I love writing “Please close this account” on the final bill
Comment by Heather
We did the same thing not to long ago and I felt an odd sadness.We didn’t however have credit card debt at that time. I had been playing around in my mind to pick up an investment property but of course you need to be at the right place at the right time and have the “cash” on you whether it is to pay for it outright or have a good downpayment.
One of the biggest reasons why we are having it so tight right now however is because we took equity out of our home this past Feb. found and purchased an investment property with 25% down then decided to sell our principle house to buy another one and take over Sept 5th. So, within a 3 month and a bit time frame we had two new to us dwellings, one of which my parents are now living in.
I am really excited for tax season to come lol,as I am still not sure what all we can claim as tax write offs however I do know that the interest in the mortgage payments are tax deductable among a few other things.
Good luck on your Journey, I don’t regret our investment property