For Matt Lancashire: how did you get out of debt?
I couldn't find the responses and who responded to my original question. However, into my email came a really good response focusing on the interest I am paying in my loans and credit cards. Understandably while I go through the present 'trough' in my business I don't have much to spare so being thoughtful is very important. My Loan ($38,000 in total)commenced on around 13.something per cent but following later discussion with the Mutual Bank, interest was reduced to 7.something per cent. The Loan is now down to $4100 as a result. One of the other banks gave me 12 months of hardship when interest (typical of a bank Cr Cd) was reduced to about 5% for that time - also very helpful as it got me out of the arrears that had occurred when the bank offered me 12 years at much lower rate when I didn't get a clear understanding of the monthly due date. The second Cr Cd remains on the usual terms and interest of most Cr Cds Between the three I pay over $1000 per month, with just under half going to the Loan as it has the least owing and by far the best interest rate to lower it. The Cr Cds are paid above the minimum payable amount. The total debt originally owed was $78000 and is now a tad below $22000. The loan will be paid out in 2019 and then I will need to decide how much should be paid to which Cr Cd. Since both are now at the same rates, the question will be awkward. I need to do my Maths on how much interest I will pay to conclude them and I will certainly be calling the Accountant to help with the Maths so I can make the decision to give me the best advantage. I did consider a consolidation loan, but I'm tired of paying off things over long periods of time and I have become very used to paying with whatever cash is at hand and making sure that the money for these payments comes in each month. But the point about interest rate is well taken. Thank you!