Credit Card Debt Cut in Half using Cryptocurrency
Payment exemptions are still valid until August
Currently, we are still not obligated to pay off any loans/debts currently due to the moratorium. During the first wave, the government exempted people from paying mortgage/loans/credit cards etc. Therefore it could be that I paid rent, while the owner did not pay the mortgage all this time. This moratorium has been extended a few times, lasting for about 18 months.
It was good while it lasted
I've been very happy with this temporary law, they also weren't allowed to deduct interest from the accounts. This was going to be charged in a separate account, and after the moratorium, people get 24 installments to pay those costs. It gave some relief knowing that these payments were on hold and money could be used for some other things (in our case mainly dental treatments which were too expensive before).
The end is in sight
Weeks ago, I discovered the moratorium was set to an end date somewhere in August and this would mean, payments would be deducted again from the bank account. Luckily, I was already preparing paying off our credit card debt and now, just 3 weeks later, I have managed to pay off more than half.
Cryptocurrency
I used cryptocurrency to pay this off because I knew that the extra taxes I'll pay will be worth it compared to the bank fees each month. With the regular income, it would take a lot longer! The sooner I pay off the debt, the less banking fees will be left, I'm determined to do this as quickly as possible. Once done, the money saved monthly can be used to buy back some of the sold coins.
Even though the portfolio will look quite boring at first, I will feel good that I did the right thing, for the longer term it will save us money.
My initial deadline was postponed due to the crashing markets and recovery, but at least I got things started before the crash and managed to pay off one installment. Tomorrow they will charge interest and monthly fees again for the credit card amount, so I managed to cut these costs in half in only 3 weeks time by taking out profits from our portfolio.
Not quite done yet, but the end is in sight
I'm honestly quite proud of myself getting this result within only three weeks even with the markets crashing a few times. After the credit card, I still have another to take care of the overdraft we had until 18 months ago. These were all frozen and I will pay that one off next. It's by far nog as much as the credit card debt, so I guess it will be done at once, maybe twice if needed.
When things end, new things begin
In this case, paying off the debts means we can close that bank account that's charging us such high fees while we have another account where the free version even allows you to get some money for free from the ATM, while our bank charges from the first bucks! On top of that, the exchange fees to other currencies are ridiculously high.
I upped my Revolut account to metal, costing me 12 euro each month, in the end it's less than the local bank charges. As soon as the card arrives, I will get some cashback in ADA as well on the Revolut account. Sweet extras!
Have a lovely day!
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Cryptocurrencies have so many benefits it can offer to us in the society,but sadly some people are still ignorant of it
Yes true, but I guess at some point, most will find out and be open to it, it just may take a long time from now before that's the case.. I've shown friends what I've been able to do thanks to crypto, and they still won't see the value.
Yeah it may truly take long for the acceptance to occur but it will definitely occur someday
That is really awesome! Congrats on your accomplishment! It is a great feeling to get stuff paid off isn't it? I was able to do something similar just a couple of months ago. It was fantastically freeing! It sounds like you are making some really smart moves with your money during this extended time you are getting.
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Thank you, and yes it sure does! I cut the remaining debt in 4 and set a weekly goal to pay off the last part. Will be so happy when I'm done :)
So I'm going to try this once again, I bought Engage tokens last week, tried to give the command, but it didn't work the first time. Forgive me if I'm doing it wrong, lol..
!ENGEAGE 25
That sounds like a really smart plan. No worries on the engage thing. I have never used it so I am not sure what could be going wrong.
Lol, so it's again, not working haha.. alright.. I really thought this was how they use the command.. Anyways, that's for later :)
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No worries!
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