Need some financial advice.
Push to shock!
Joined: Sep 2002
Posts: 4,583
Likes: 0
From: Palo Alto, CA
Originally Posted by RB
You need to read more carefully.
Originally Posted by b00gers
0% APR will end before I am able to pay it off without doing a thing to my savings (withdrawling and continue to contribute the same amount).
Senior Member
Joined: Oct 2004
Posts: 4,270
Likes: 0
From: Texas
Savings interest is probably around 2%? Unless it's a money market account.
Average Credit Card interest range 10% - 22%
Generally speaking, it's better to pay off the debt. Depending on your age and desire to "boost" your credit score, you can take a few different approaches.
If you carry a balance under 1\2 your CC Limit, your score will go up with every payment. If you plan on applying for a line of credit before those cards would be payed off, you want to keep as few cards as possible. The sum of all your credit limit's will be deducted off the top of any new loan consideration.
Or you could just find another 0% introductory rate, and do a balance transfer. Then pay it off as you can.
Average Credit Card interest range 10% - 22%
Generally speaking, it's better to pay off the debt. Depending on your age and desire to "boost" your credit score, you can take a few different approaches.
If you carry a balance under 1\2 your CC Limit, your score will go up with every payment. If you plan on applying for a line of credit before those cards would be payed off, you want to keep as few cards as possible. The sum of all your credit limit's will be deducted off the top of any new loan consideration.
Or you could just find another 0% introductory rate, and do a balance transfer. Then pay it off as you can.
Senior Member
Joined: Oct 2004
Posts: 4,270
Likes: 0
From: Texas
BTW, Find a credit union and use a Money Market account instead of a Savings. There is no risk, for all practical purposes it's a savings account with twice the interest. The only draw back is a minimal balance. Some are $500 - $1000.
snitches get stitches
Joined: May 2002
Posts: 49,696
Likes: 1
From: Portland, OR
Thread Starter
Joined: Jun 2001
Posts: 58,579
Likes: 0
From: Lll
Savings interest is ~5%. Nowhere near beating the interest that the credit card will charge me when the 0% promo is over though.
I think I will just find another 0% card then work hard to pay it off this time.
h:
I think I will just find another 0% card then work hard to pay it off this time.
h:
__________________
.
.
Push to shock!
Joined: Sep 2002
Posts: 4,583
Likes: 0
From: Palo Alto, CA
Typical retarded rate....after the 0% promo, probably 15% +.
More than enough is in the savings to cover the debt. Itll take up maybe half of the money in the savings account that I am willing to touch.
I dont know how to invest. I am afraid to lose money. I dont make enough to start a real portfolio or whatever those things are called. Give me 6 months. :hs:
I can get another 0% card easily. But getting another one will just keep me from paying the damn debt off. :hs: Unless I just really focus on paying it off this time :uhhok:
More than enough is in the savings to cover the debt. Itll take up maybe half of the money in the savings account that I am willing to touch.
I dont know how to invest. I am afraid to lose money. I dont make enough to start a real portfolio or whatever those things are called. Give me 6 months. :hs:
I can get another 0% card easily. But getting another one will just keep me from paying the damn debt off. :hs: Unless I just really focus on paying it off this time :uhhok:
Push to shock!
Joined: Sep 2002
Posts: 4,583
Likes: 0
From: Palo Alto, CA
Thread Starter
Joined: Jun 2001
Posts: 58,579
Likes: 0
From: Lll
hsbc.com
ing.com
emigrant.com
citi.com
They all hover around 5%
__________________
.
.
Thread Starter
Joined: Jun 2001
Posts: 58,579
Likes: 0
From: Lll
I think you should setup a payment schedule to get it done before your 0% expires. Take some out of your paycheck and some out of your savings. The other option is to transfer the balance to anohter 0% card, but balance transfers usually have associated costs. Personally, I think you're better of with no debt at this point in your life than trying to make a few dollars off from shuffling your debt around.
__________________
.
.