Tomorrow We will Pay The Final Personal Loan & Credit Card Payments

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Paying off debts while budgeting our way to Spain

Now some of you may remember that about a year ago, I also managed to pay our credit card debt off in full. This was such a big milestone for me personally, as most of it came from crypto earnings and I never managed to pay off any debt of a few thousand dollars by myself, let alone this quickly. It was done within just 2-3 months, I don't remember exactly. Back then our financial situation was not as it is today, but it was already approved compared to the year(s) before. I made sure to take advantage of that as soon as I saw the opportunity. I didn't even bother too much when the car started to have issues and I had to use the credit again, I knew when the time was right, I would find a way to pay it off again. And this time arrived recently.

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The order of importance

When budgeting our way to Spain, I first paid off the overdraft at the end of March. Why that one? Simply because it was the smallest debt and we had it in full so it made the most sense to wipe that debt first. So that was one out of three wiped. With the credit card and personal loan left. The personal loan was one that we needed to visit the bank for (again) and to minimize these visits (they take half of your day) it made the most sense to do this one last. Another reason to do the credit card first was the higher interest rate. It was in our own best interest to make sure the credit card got wiped first because every day costs interest.

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Clear view & determination

While I sent a bigger amount at once to the credit card account when the fiat salary arrived, I also made sure to add more during the month when my crypto paychecks arrived. I didn't want to waste a day when I had the funds available. On the 10th of this month the credit card statement was generated so I wanted to make sure that before that day, it was paid in full, knowing that afterward, only one interest payment would be needed to get it back to 0. And so I did, the final payment for the interest they deducted was due on Monday so during the weekend I went to the ATM to deposit the final payment. I was very pleased to see the account to 0 this morning! Two down, just one more to go!

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Moratorium

While everyone at first was placed under a moratorium, at some point this was only by request if you had a financially rough situation or if you had at least one child below a certain age. During this period the bank sent us letters to update us about the interest and amounts being parked on a separate account. We only received these letters about the personal loan and overdraft for the full 2 years. Yesterday I discovered (while asking them for an overview) that the credit card also has an interest amount parked which we didn't know existed as we never received the letters! Not one! Turns out that after all this time and several visits to the bank for this matter, they still have an issue in their system where part of the system sees our old address, while another part of the system sees the new one. Guess the old landlord has a TON of our letters! I asked about it a while ago, she said nothing. Liar! Anyway, thankfully this amount we didn't know about was "only" 250 euros, I decided not to make a fuss, transfer the extra needed funds to the bank and just accept it as it is.

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Mistake after mistake

This "change of address" matter was an issue on the first move as well, and I'm honestly baffled that this is possible! The last time they also "forgot" to mention another amount we needed to pay with the overdraft so I had to transfer a little under 200 bucks to the bank as well. While telling them it was going to take 2 days, they STILL deducted the money the next day, causing us another bag of interest for an overdraft we weren't allowed to have. They charge you big for this when it happens.
Thankfully, I think this will be the last mistake they can make, tomorrow all the needed funds are on the account and my boyfriend can finally go there to give them permission to deduct the amounts, and once that's done he has to come back one last time to close the bank account.

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It feels good to pay off debts

I don't regret getting into them here in this country as we simply were promised a lot of funds with the new job that my boyfriend took at the time, but they were false promises. This was our way to make sure we could actually rent something at the time. After that, you get used to the fact that you have the credit and so it was spent. In a way the moratorium was a blessing because the overdraft was cut off, therefore we had only 50 bucks overdraft left and the rest was placed under the moratorium. The only big cost we had was actually the credit card with the highest interest. I'm very happy that we can now actually have a fresh start and we can close these accounts with pride.

Another step closer to our emigration next month! Spain, here we come!

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Congratulations @thisismylife, it does feel good. :)) I wish the crypto gods will shower you with wealth, health, and happiness. Are you moving to Spain for good or is it temp?

Going debt-free by the end of this year or early next year is one of my priorities right now. Let's see if I am gonna make it. 🦁

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Congrats on being free from debt.
As you are paying of debts right now I finally decided this would be the best time to get myself into some deeper debts :) Interest rates are low and I rather owe the bank than anyone in my family. Of course I know I will have the means to pay it back in full even if I lose my job.
A big part of this because of crypto earnings.
!invest_vote

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I am so glad I am able to do the majority of my banking online. It really saves a lot of time when you are having to deal with all of that sort of stuff that you did. I was able to pay off all of our debt thanks to crypto last year. It is a really awesome feeling. Moving it to fiat and settling those final balances was a freeing feeling.

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Yeah, I hear you totally! I have been using Revolut metal for a while now, I think I started using the metal plan about a year ago though and I'm not going back to any "normal" bank if it's up to me. Not sure if we need to at some point in terms of business, but for now, this is it :) haha

But the feeling of being able to move these funds to that account is indeed FREEING :) I love it! And I don't think I've ever been happier to pay off things from this order, we're talking a lot of money in total for us, something we'd not been able to pay this fast if it wasn't for my work that's paid in crypto :)

Fiat was used too, but my income defo helped, thanks crypto!!

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That is awesome! It's so great to hear stories like this! I am still on the fence about getting a crypto debit card. It isn't that I don't want to, but I just don't have the steady source of crypto income to feed into it right now.

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Revolut is not a crypto credit card btw, if that was what you thought. It's a normal bank actually, but I only pay 12 euros a month and can even take out up to 1000 euro from the ATM without costs (Hungarian banks charge for every ATM visit even from their own bank, unless you fill in a form and then you can take out 1x 250 euro I think every month)

I can also use the free exchange rate so can leave all my funds in euro, and in the store they take the HUF from my bank, only during the weekends there's a few for exchange rates but that's easily solved by changing the currency on Friday :) lol

But talking about crypto cards, I will defo get the nexo one if it's there. I already noticed the digital one is there but I yet have to try it. Probably will do after we moved :)

I also have the crypto.com card but that's not used yet because that one does charge, so I'm waiting until we live in Spain so I can finally consider using it :) But honestly, crypto.com vs revolut, I think Revolut's benefits win!

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Yes, that is what I thought it was. It sounds like it is kind of like Ally. That is an online only bank we have over here. I created an account when I first started getting into crypto to keep my funds separate from my main accounts. I have some CRO staked, I just haven't actually ordered the card yet.

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I don't know Ally, but could be the same. With crypto.com I was lucky, I bought it when price was super low, I think it cost me 80 bucks in total, and two weeks later they upped the amount you need staked for the lowest tier. but as I already had it, my plan stays the same :) so I'm not unstaking these anytime soon!

But I will probably start using it once in Spain, as then we can pay with euros again, it's always nice to get some cashback, but probably those on Revolut are more interesting as I can choose the crypto or fiat currency and can switch it too. I try to pick on that's very cheap so I have a lot of coins, and then when the price rises at some point, the cashback was even a bigger gift!

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Yeah, I got my CRO when it was pretty cheap too. It has been nice to see the price appreciate since then!

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I'm very happy that we can now actually have a fresh start and we can close these accounts with pride.

To pay off one's debt with fiat money is proof of a goal-oriented and disciplined financial life. However, to free oneself from debt with crypto earnings is unthinkable for many and that to me is a different and higher-level kind of accomplishment worthy to be followed. I am happy for you and your family!

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This comment made me smile from ear to ear! Thank you so much for that :)
And thanks for always leaving such kind comments. I'm really trying to be better at engaging myself but these last weeks before emigration, I rarely keep up with responding to the replies alone. Be patient with me please :) and know I read everything!

Enjoy the weekend!

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Huge congrats on becoming debt free! That should create so much lead way for you and the fam going forward. Plus im assuming that you've become a much more saavy investor as of late so now u can even look for some "good debt" to swap for the bad if u choose !PIZZA

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Thank you! Yeah I defo see opportunities now but I will first focus on settling in Spain and then we will see how much we will diversify outside of Hive. For now, I'm mostly Hive focused :)

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Way to go, @thisismylife! There is no better feeling than being debt-free!

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Thanks, and I never expected it to feel this great!

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It is TRUE FREEDOM!

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Yes, weirdly enough I've never known how it feels not to have a credit / overdraft / loan since I was 18. Feels like finally things are falling into place and I can start enjoying without these financial worries that I've known like forever :)

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Yass!! Congratulations on reaching an economic ground to build your new stage on top of it! I sincerely hope you may find everything you're looking for in Spain. Some day I'll go visit you over there.

Best of lucks as always. I've sent you a friend request in Discord.

- EvM

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Aha, you are the friend request, now I get it, I sent you a message and said your name didn't ring a bell. But now I see :) haha

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Congratulations. Without debt, you can start living life without having to pay that extra interest off and you can also start saving money to earn some wealth.

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Yeah the interest was high, saving I was already doing :) making sure that we could cover unexpected costs. And that's a good thing as it already happened twice with the bank lol..

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Debt can be crushing, especially credit card debt. It is good you got yourself out of that! It is amazing what crypto is doing for some people's lives. Good luck with your trip to Spain. Sounds like a blast!

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Congratulations on paying off all of that debt, must feel like walking on air, especially since you did it with crypto earnings.

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