Spending Update

Hello kids!

Today was a planned spending day, so I paid bills, did grocery shopping and bought dog food - BUT I forgot to buy petrol so I'm going to have to break a No Spend Day this week because my petrol won't last time my next spend day (Friday). Bummer!

Weeks spending so far
Groceries: $78.08 (plus $10.98 from Sunday)
Dog Food: $111.99

I got a letter from Credit Card 5 Bank today offering me a balance transfer from any non-them card, 6.90% for 6 months, I'm going to see how much I'm allowed to transfer, and potentially transfer the full balance of Credit Card #1 (Last check was $3737.98) although I suspect they won't let me transfer that much! At least then I can cancel one card, and reduce the number of repayments. Plus, Credit Card #1 has the highest interest rate, 18.99%, so I'll save 12.09% for 6 months and then it will go back up to 12.99% so I will still be saving 6% per annum. Good deal. I'll call them tomorrow and see how much I can transfer!

Reading lots of US PF blogs has shown me some serious differences between there and Australia. For example, your credit score affects the interest rate you can get on a loan - whereas here, what a bank offers is a set thing... that's not to say once you have a credit card you can't barter for a reduction, but generally all loans, credit cards, homeloans have set interest rates and fees. We haven't seen credit cards reducing limits etc YET and as this letter shows they're still offering credit - I think I've been offered it as I've made more than the minimum repayment on the balance transfer every month, and have never been late on a payment. I have a lot of debt but I make all my payment on time, making an ideal customer - they make a lot of money from in interest but I'm reliable!