Always Review Your Options

Oh my goodness!! We are just so excited guys! So you remember that pesky vacation package that we signed up for?! The one that is going to cost us $3,770 plus 25% interest once December comes? Well we remedied that with the help of our wonderful financial coach Jamie.

So what we did here was a balance transfer. We transferred that balance from PayPal to Summit! Vacation packages and vacation ownership can be glamorous but then when you sit back and really look into it, you really aren’t benefiting. They sell you something wonderful and magnificent in their words but then it’s comes back to haunt you. They get their money and then you are stuck with an obscene amount of money to pay to someone else because essentially they sell your loan to someone else. Yeah that’s how it works you sign up with Wyndham and they consider you paid off with them and they transfer your balance over to a third party. They tell you that you have 0% interest for six months which sounds nice but then you don’t pay for months or pay the minimum and end up being charged all of that interest that you neglected from the beginning when you weren’t paying. So now since we made this choice to do the balance transfer we will be subject to a .99% interest instead of that 25% which would’ve cost us thousands of dollars more than the actual amount. We plan on trying to pay this off within the next year because once the year is up we are going to be subject to a higher interest but one that is still substantially less than the 25% that they planned to charge us.

As you all know we have discussed this subject before and we have always warned others to stay away from things like this. We will continue to let our opinions reign true and make sure no one else makes the same mistake that we did. Once you truly sit back and look at vacation costs like we did, you will see that you can do so much more with that almost $4000 or whatever they are trying to swindle you into paying. Be careful with your money and always be cautious of someone trying to sell you the vacation dreams because if you manage your money and budget, you can save enough money to achieve relaxation and an amazing trip without the help of a “vacation package,” loan or credit cards! That’s our plan from now on! We will work hard to vacation and live the way that we would like to by saving our money and having the money readily available instead of charging it or creating more debt! But with that being said if you are in this type of situation, make sure to check with your bank or credit union and see if they offer anything like a balance transfer or even a personal loan that could help to reduce the interest that you will have to pay and save you hundreds or thousands of dollars. Summit Credit Union is always there to help!