Debt Consolidation Help

I am excitedly waiting for my first paypacket to be deposited into my account.? It feels a bit like Christmas ? knowing it’s coming and daydreaming about how it’s going to feel to pay a nice big lump of money off those damn cards finally!! I daydream about my debt snowball and what it will feel like to see the number go down.

I worked out the debt snowball with all our debt including the mortgage, going from highest interest rate to lowest. If we continue to live frugally and put all my wages towards the debt we can clear the credit card debt in 13 months and the mortgage by January 2014. One problem with this is that we need to buy another car at some point as I am borrowing DD’s at the moment.

We have been talking to the banks this week, investigating our options. If we refinance our home to inlcude the credit card debt it would only add under $500 a month to our payments. Then we can put all my wage towards that while we are getting ready to sell the house and downsize. This would save us thousands in interest.

Our own bank has not been very helpful at all. They won’t include my income (approx. $90,00 pa) in any assessments they make for 12 months. One of the credit unions has looked at our figures and they have been very helpful. They are willing to consider refinancing us once I’ve been in the job for a few more months. In the meantime I’ll be paying off debt according to the debt snowball plan and building up the emergency fund. I just want this debt gone as fast as we can.