My mother is loaning us a lot of money. A lot of money. She's doing this so that I can pay off the lion's share of my only credit card, which has a ridiculously high balance on it and a scandalous 17% interest rate (I've requested they lower it many times, but they ain't budging). I could have transferred part of it over to another lower interest card, but I just never have. So, within a couple of months, I can pay of the remaining balance and cut the card up into little pieces and burn it in battery acid. Mom's loan comes with 2 very cushy conditions: 1) the extremely low interest (6.5%) will not accrue until after the rest of the card balance is paid off, and 2) we don't have to start paying her back until we pay off the rest of the card balance.
Now, I'm not one to usually blog about financial matters (except to engage in general whining once in a while), but this debt has weighed heavily on me and my pocket book for years. Even making biggie-sized payments every month, with that interest rate I was barely eating into the principal. And I used this card to buy plane tickets, etc., so the balance has always just sat there. Anyway, it just feels so good to know I'll be out from underneath that particular thumb very soon. I'd much rather pay mom back than the credit card. She's very worried about being painted with the "money lender" brush (even though the whole thing was her idea) and keeps saying that she "doesn't want to make money off her children!" (neither a borrower nor a lender be, I guess) - we had to force her to give us the interest rate she did, otherwise it would have been psychotically low. We've worked out a payment schedule and how long it will take and how much interest she'll be making. She just keeps saying, "whatever you think is fair!"
I wish I could see the look on my credit card's face when I make a colossal payment next month, tell them to lower my credit limit AND demand that they lower my interest rate as well! The balance will be so low that I could easily move it to another card with a cheap intro interest rate if I wanted to.
Sorry to blog about vulgar financial things, but I'm overjoyed and want to give a shout out to Medieval Mom!