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Exploring Our Options

November 16, 2022 Initially, we weren’t sure exactly what to write about for this week’s blog post. However, the subject came to us this past weekend as we were reviewing certain aspects of our finances.We both have credit card debt we are working on paying off and recently made sizable progress towards that goal. However, we’ve noticed that our low interest credit cards have recently experienced additional hikes in their APRs (and appear to continue climbing). For example, one credit card has now climbed to from 9.9% to 15.85% due to varying APR with the market based on the Prime Rate.These increases have us reevaluating our strategy and exploring our options for reducing interest rates and maximizing our payments. Is there a way to reduce interest rates and increase efforts toward paying down debt? It appears so and with the help of our coach we could make our money work smarter, not harder!Thus, we’ll be exploring options such as balance transfers and Home Equity Line of Credit (HELOC). We’ll have to explore what balance transfer offers currently exist for any credit cards we have, as well as the perks, its potential duration, and associated transfer fee to determine if it’s worth it. We’ll also shop around for a few HELOC deals from our bank of alternative methods.From there, we can develop a snapshot of what potential savings we could have alongside possible scenarios based on monthly payment amounts. Stay tuned as we continue to explore our options! You might also be interested in Whew and wow! This has been quite a challenging and eye-opening process! It has been very hard to do this project as part of a couple when both of us appear... During the week of November 23, we wrote about how we were going to look into options for cost-saving measures. One of those measures was to analyze any... This past weekend, we took our annual trip down to Chicago, which was also paired with a trip to the theater. With being in Project Money, have been more... Something that stands out lately are the number of outlets competing for one’s time, attention, and especially our hard earned money. I don’t know about... If it wasn't so cold out right now, we might not believe that the end of the year is fast approaching, but alas – it is! With that, we have been starting... Initially, we weren’t sure exactly what to write about for this week’s blog post. However, the subject came to us this past weekend as we were reviewing... Many of us enjoy hosting parties with friends and family for seasonal activities and Holidays but don’t want to break the bank doing so! For me and Krystal... I don't know about you, but I, Krystal, grew up in a pretty cold house during winter. We lived in a rural-ish area where natural gas did not run, thus... One thing we’re still working through is being a bit more proactive about unexpected house costs. Sure, we have small savings account for house expenses...