One Million and Beyond

Consolidated Debt and Banking – An Update

By Matt - Sunday, October 22nd, 2006

I posted about Consolidating Debt and Consolidating Banking last week. To be true to what I was writing I wanted to start pulling some of my accounts under one bank. Unfortunately I ran into some stumbling blocks of my own doing. I tried getting one of my cards raised from a $5,000 limit to a $10,000 one and reduce my interest payments by putting the balance onto my lower interest card. Sadly I had been late on a couple of my payments to my non-primary bank and they made notes on my credit rating.

Needless to say I was only able to get an increase in my limit of $1,500. I’m still going to transfer as much as possible to the lower interest card, but I’m very upset with myself for letting this happen. I should have known better than to be late on a payment. I’ve been here before and I know it can impact my credit rating.

But the consolidation is going to commence even if at a slower pace. I still believe that using only one bank can save you money as well as consolidating debt to cut down on the interest payments wherever possible. I’ll keep you posted on the results.

Tags:Money, Finances, Credit Cards, Liabilities

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