Clawing our way to financial independence

Mr Wooly is officially the Kind of Interest Reduction, I am so proud of him. When switching all our accounts to the credit union Mr Wooly decided to switch his Royal Bank Visa. He applied for AND qualified for a new gold card which gives him an interest rate of 9.4% plus 1% cash back on all purchases. So if you remember, only 2 months ago or so he was paying 23.8% on his credit card- a reduction of 14.4%.

Now he is paying a $50 annual fee for this card, but we calculated the interest saved from an 11.4% card with a lower annual fee and this card saves him about $25 over the next 3 months. The financial planner suggested too that we think about moving some of our higher interest rate debt onto this card too which I had not thought about. That is for next week, I am mentally exhausted from all our bank appointments and applications in the past 2 weeks!