So, its looking that the Citifinancial loan might actually disappear a lot faster than I had originally planned. I know that I really shouldn't be applying for more credit, but, I got a letter in the mail from Scotiabank telling me about 1.99% interest on their credit cards for 6 months for balance transfers. Well, 1.99% is a HECK of a lot less than 29.9% which I am currently paying on my Citi loan. Of course, I don't see how I can pay this off in 6 months even at 1.99% so I looked a bit more into this. They have a low rate option on their Value Visa of 11.99% for $29 annual fee. So, I applied. I was approved for $5000. But, my balance on the Citi loan is $8000. So, I spoke with my Mom (who by the way was very disappointed in me for taking out this loan in the first place, but knows that I am now working very hard to get rid of this mess I've created) and she is going to give me the rest of the money to pay off this loan. Now, the kicker is that I don't have to pay her back, HOWEVER, this was to be money for my wedding (she was paying for the open bar, since I didn't want to pay for one). So, I have to pay myself back more or less. Its a lot easier to pay yourself and receive interest than pay someone else and pay interest! So, this is the plan. By the end of April the Citi loan should be gone with Bank of Nova Scotia Visa and a "Pay Back the Wedding Fund" debts to replace it. But at least those debts are not at 29.9%!
So, what do you think? Did I make the right choice?