Wednesday

How Credit Card Debt effected...

...my transition to a new career.

Well by now if you have read the previous posts you are aware that I got a decent job at a University in North Carolina. Now it is time to move from Maine to North Carolina. We are about to make a trip with no idea of where we will live, but we have faith things will go smooth.

moving van ImageOne advantage I had was that I was actually taking 3 months of leave from the Navy from July 1 to September 30th. This means that from 13 July to September 30th I will be pulling in full pay from two jobs. While this will help us in August the transition/startup costs of moving to a new area will be a challenge.

Our first stop was in Connecticut to visit relatives. Here we decided that it would be best to take out a $2,000 loan to help us in our transition. We got online with our credit union and applied for a loan. Fortunately we belong to the largest credit union in the world, the Navy Federal Credit Union. Since this credit union serves sailors around the globe they were out front in online services. The only real question was Would our entering into a credit card debt program effect our ability to get the loan? Would the fact that I was retiring from the Navy or the fact that I had yet to actually get start the new job effect our ability to get the loan?

Our next stop was New Jersey to visit family. While there we called the credit union and they answered our questions by approving the loan, we arranged to pick up the check at a local branch of the credit union serving a near-by Navy Base.

With our $2,000 buffer in place we headed to Greensboro. We checked into a local motel. Our plan is to rent for at least a year, learn the terrain, then possibly move to a new location. We hope to be able to purchase a home within 5 years.

Small House ImageSo far being on a debt management plan didn't effect us. We got the loan from the credit union, but I had been a member for 17 years. Now we were about to rent a house in a new area with no history of a job or residence in this area. Would being on a debt management plan make this a difficult process? We were full of anxiety and worry but moved on, the week was ticking bye.

We found a small house (remember sacrifices are needed to get out of debt) to rent and had no trouble with the lease or any of the utilities. I was both relieved and surprised that we didn't run into any difficulties.

The next post I get turned down for my first loan.

12 comments:

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Betty Parker said...
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Herbalife Las Vegas said...

I hope your move is going well.

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