Awesomeness...
I called First Financial Bank and Bank of America to checkup and do preventative maintenance on my accounts up until I leave for basic training.
What I found out is absolutely amazing.
An Act was passed back in 2003 called the "Servicemembers' Civil Relief Act" which is a complete revision of the "Soldiers and Sailors Civil Relief Act."
Among other things, this act will enforce "reducing interest to 6% on pre-service loans and obligations."
Which means, no matter what APR my credit cards have, it will be forced to 6% upon starting active duty.
Since it *has* to be pre-service, I looked up and figured something out. If I touch that loan of mine (10,000 total, but the actual accessible amount has to include the 3% charge to any withdrawal), I can take out like $9400. Pay off the 8,199.64 I owe on my First Financial CC, thus bringing ALL my debt into one Bank - Bank of America. I'll still have $1200, plus my bank account and whatever else I earn over the next few months. Payments will be *less* with BoA than they are with First Financial. Then... once I end up utilizing the SSCRA, things will become *much* simpler.
Oh man this is frickin' great. Who needs debt consolidation counselors when you have Justin, mental math, and 2.5 hours on the phone with customer service representatives from various banks.
What I found out is absolutely amazing.
An Act was passed back in 2003 called the "Servicemembers' Civil Relief Act" which is a complete revision of the "Soldiers and Sailors Civil Relief Act."
Among other things, this act will enforce "reducing interest to 6% on pre-service loans and obligations."
Which means, no matter what APR my credit cards have, it will be forced to 6% upon starting active duty.
Since it *has* to be pre-service, I looked up and figured something out. If I touch that loan of mine (10,000 total, but the actual accessible amount has to include the 3% charge to any withdrawal), I can take out like $9400. Pay off the 8,199.64 I owe on my First Financial CC, thus bringing ALL my debt into one Bank - Bank of America. I'll still have $1200, plus my bank account and whatever else I earn over the next few months. Payments will be *less* with BoA than they are with First Financial. Then... once I end up utilizing the SSCRA, things will become *much* simpler.
Oh man this is frickin' great. Who needs debt consolidation counselors when you have Justin, mental math, and 2.5 hours on the phone with customer service representatives from various banks.