The Scoop

Or should I say shovel of the happenings happening here today.  After all this is big...real big.

We had cash sitting idle, cash that will be needed in March - based on my calculations - for business expenses.  However, that cash was sitting so idle that it was only benefiting the bank.  I don't like idle cash, so I put it to work.  I paid off the remaining $20k not transferred to our equity on Mortgage #2.  Now this is not the recommended path for normal life - since it would only cause us to be short in the near future, but we have an ace in the hole called bank of mom and dad. 

I am completing the loan documents today and when mom and dads funds are available we will transfer this debt to its permanent home at 4%.  I'm so excited about the new lower rate.

In the mean time, I am utilizing our checking cash sitting idle (much like last years steps to eradicate our debt) and enjoying as many days as possible with zero percent.  I wonder how much we can pay down with this perk? 

Our daily costs for all debts at this moment is $79.45!  Woo-Hoo!  That is the lowest it has been in YEARS and  YEARS!  Don't get too excited though.  Unless I can pay off a ton of debt (like $9700) before the refinance, daily costs will rise back to above $80 a day (like $81).  Since I still have 1 college bill to pay and other big annual bills, big payments will be nearly impossible.  The good news is that all this snow is keeping us home, which equates to no spending. :)  Maybe I should mention all the snow plow bills that will be coming in to eat up earnings. :(

If we keep on track and work real hard on our debt this year we could drop below $75 a day in interest payments.  This would be amazing!

Good-Bye Mr. Banker!  I'm moving to rates 1.75% -2.25%  less than you were charging.  I wish the entire balance could drop the 2.25%, but the equity has already bottomed out per the agreement made years ago - wahhh.  Oh well, it will be my next conquest.