On 2018-01-19, I am officially out of debt. My last one was a loan that was used to reduce the interest on another debt. I spent my savings to take out the debt and will need to rebuild my savings account, but this should be a bit easier to swallow considering I am not making any other payments.
For my revolving credit, I will make small charges and pay it off immediately. This is to keep my credit score as high as possible in hopes to get a mortgage. Getting a mortgage will be hard considering my income, and Social Security’s rules regarding bank assets, and SSI. Simply put, I am not allowed more than $2,000 in bank assets. A down payment on a $30,000 mortgage will be $6,000 so, therefore, I won’t be able to save a down payment.
Once my savings is rebuilt, I will have to figure on what to spend money on to keep me from having too much money to threaten my SSI. If I was to save for a major purchase, I will have to take it out of the bank, and use a credit card with the available credit, and then mail the payment to them. This will be a lot of work which I will likely not do often. However, the important thing is I have no more debt.