:rant: dont buy a ring…pay off ur credit cards and car… if u want the house so bad tell her to help with the money… doesnt she have a full time job…
with the credit cards gone u can cut them up and cancel them…keep the one with the lowest apr…as for ur car, if its a low apr then keep the bil and put the money into a cd for like 2 yrs and make some money off of it… but if ur looking to buy a house and YOUR putting all of YOUR money into it but you’re SHARING the payments…i dont think that is fair to you…
she is going to help… she is subbing 3 days a week, $100/day plus her other part time until she gets either a full time subbing job or her own class. I can always transfer my credit card to another Company who offers 0% on transferred balances. so theres another route i could take.
Just a thought - Every time you roll over a balance that goes on your credit report. I didn’t think it did but it does. Too many of those rating goes down Thats something you should check out (Your credit reports) - If there is anything you have faulted on in the past. If you do have something on there that will screw you write the 3 crediting agencies to let them know what happend they will make note of it and have an ass hair of mercy. You will get Fawked if your rating is below 640 when buyin your house -
if it were me… i’d dump 3500 on the cc (depending it’s outstanding balance), i’d put some away in savings… 1500 or so… then i’d put 2000 to the ring ( :ghey: )… then i’d take that last 3000… buy some car parts, buy some clothes (don’t be dumb) and have some money aside… pay random bills for the next month or two out of that chunk and continue saving as you normally would out of paychecks.
having impending credit isn’t a bad thing… it only is if you can’t pay it off… i’d drop the credit card to 400 and put 3k into the car… then you have 5k left to put into savings…
Umm, I think you better check on that or else send me the info where you got that loan as even at 0% interest, $7400 / 36 months = $205.55/month
If your payment is only $190 you apparently either owe less than you think or for longer than you think.
It’s pretty well covered from the other posts but here’s a few other thoughts.
Tell your CC company you’re going to transfer your balance to a new card with a low introductory rate. They may be willing to give you a lower rate for a while. Still better to pay off though.
No down payment mortgages are available but you’ll have to pay PMI (private mortgage insurance) until you have 20% payed off. That’s money going nowhere.
Once you have a house, mortgage interest can be itemized on your taxes. Then you can start home equity loans which are also tax deductible, which effectively lowers your interest rate.
not true, only a shitty broker or the bank pushes PMI, its a joke :down: tons of lenders don’t charge it, if you work with the bank directly they will most definitely charge it. hell they’ll smile and tell you it’s pie while they feed you shit.
This is eash shit Chad. Pay off the CC and car. Stick the extra grand in the bank. Then put whatever you WERE paying on your CC and car payments into your bank account to start building it up. That way you’re still alloting the same amount of your monthly income to your CC and car loans but you’re not paying any interest. Then in 6 months or a year or whatever when you’ve built that saving account up pretty good, go buy a house. As for the ring, I’d put that on hold. You’ve been together forever. Wait till you have everything in your life set up how you want it before you complicate it with the emotional/financial stress of getting married.
I would go to my credit union and speak with the financial planner before taking advice from a bunch of high school/college punks on the interweb. This is no joke. $10k can really set you up in a good spot for your future or be wasted away, go talk to a professional.
As everyone else said, pay the credit card off. You will never make enough interest in any kind of savings account to make up for what you will be spending in intrest on the card. You will never make 18% at a bank.
The one thing no one else said is to check how your car loan is set up. I think with mine the intrest was accrued at the front end of the loan, so if I pay the loan off early, it doesn’t benefit me at all. If that is the way yours is set up, then pay the card off, 2-3k for a ring, and put the rest in a bank for a rainy day fund. Once you save for a 6 month emergency, like you can pay rent, utils, car for 6 months without a job, start another savings account for the house. The key is keeping enough money liquid for an emergency. Then you can start dumping money into a higher intrest account like a 24 month cd, bonds, IRA.
I didnt read all the posts, so someone might have said this, but here is another option. Me personally, i’d pay off all my debts, buy the ring and do w/e w/ the rest. But another option would be to set up whats called a sinking fund. W/ a sinking fund, you pay only the interest part of the car payment. Say for example you pay 200/ month, and 50 of that is interest. Pay the 50 on the car, and put the other 150 into a sinking fund. Sinking fund can be anything… another investment, an account of some sort… anything. The 150/mo will accumulate interest and in time, you will be able to pay off the rest of the car again w/ 1 big payment. Often, with teh correct interest rates, you can pay things off many months quicker by using a sinking fund.
If you want more info on how it works, let me know. It is essentially just a theory on how to do things… if interest rates arent right, or the market is very very volatile, it could work out to help you even better than you expect, or hurt you in the same turn. Its a very good financial idea, but it creates a lot of things to keep track of. At this point in my life, i woudlnt need anythign else to keep track of, so i’d just get rid of my debts while i have a chance… wish i was in ur position - i’d love to get rid of my debt… and i’m only 20
LOL