I need some financial advice. Help me out please. Credit card issue.

[abernja]

Here's my stats to help you out.

I have one credit card with a balance of $1,250
Monthly car payment of $320
Monthly car insurance of $150
Monthly gas is around $80-$100
And my monthly income ranges between $550-$1,100
I'm also a full time student.

I'd like to pay off the balance but I just can't seem to do it because of interest every month and another small part is eating out or buyingsomething. I can't blame it on shoes cuz I've spent less than $300 this year. (which is really good cuz I usually average $400mth) I think if Ididn't have to worry about interest I'd be able to do it in 2 months.

So............I was thinking of applying for a second credit card that has no interest for 6 months-year, taking a cash advance from that and paying off thebalance. Then immediately start paying off the new credit card which would have no interest, then cancel the newer card once paid. Good idea, or no?

Second or third options welcomed!

 

[heat check23161]

iDK KNOW IF THATS A GOOD IDEA GETTIN A SECOND CC YOU CAN;T PAY OFF THE ONE YOU HAVE NOW.. YOUR JUST DIGGIN A DEEPER HOLE!!

tAKE YOUR TIM BUDGET YOUR MONEY. i FEEL YOU BUT I JUST WOULDN'T DO THE BALANCE TRANSFER THING.

 

[servejays4jays]

Um sorry im black. cant help ya

 

[King of Trash Style]

No just get a job maybe something around your school schedule and then pay 50 more than the minimum credit card payment, ride the bus mon-fri, pay carinsurance and you should by fine.

 

[rfx45]

It's a horrible idea to get a second credit card and do cash advance. Cash advances usually doesn't fall in the no interest for 6 months category.It's not the best solution but you can get a card that has no interest for balance transfers for a certain periond with no balance transfer fee, transferall your balance on that and make your payments on it. I did that once when I was younger, you just have to have a pretty good credit to get approved on it.Once you transfer the money, hide that credit card so your not tempted to use it again.

Also, $320 for a car is a lot for how much you make a month. I'm guessing you drive an acura by your avy? Your monthly gas bill is pretty low too so yougot that working for you.

 

[integra owner]

Don't even think about a second credit card unless they allow you No interest and No fee balance transfers. If you can transfer the whole amount, and payit off it 6 months, by all means, do that. But, with summer coming up, it should be easier for you to spend less on gas, and eat food at home. You need to findways to save money outside of the things you listed-most of the things you put in your post are not variable costs except shoes. Chill out, and try to pay offthat credit card.

 

[whyte1der05five]

So............I was thinking of applying for a second credit card that has no interest for 6 months-year, taking a cash advance from that and paying off the balance. Then immediately start paying off the new credit card which would have no interest, then cancel the newer card once paid. Good idea, or no?

Your about to dig a deeper ditch.

 

[semloh m]

dont do that

 

[Mister Meaner]

I feel you son. I got a $1800 CC bill, and no job, well for another 2 weeks. I also have a few other bills. I wanted to do your plan, because I got offers fromcards with no interest on balance transfers for like a year, but I got denied twice.

I've accepted that I effed up and need to dedicate all of my money this summer and fall to get out of this hole.

And I'm not one to say that CCs are evil, but I learned that they are a trap to the naive.

If I were you, I'd stop driving the car, get rid of the car insurance bill and gas expense. That would be my first step.

 

[theequickness]

at your monthly gas being $80-100. I'd kill to have a monthly gas bill that cheap..

 

[ricerocket1]

since we are in the finance discussion thread i was wondering what do i need to do i have 2 years left in my car payments and now i have a new job but ill betaking the bart to work which is 2 blocks away and i wont be needing the car...anyone can help me

 

[abernja]

Originally Posted by TheeQuickness

at your monthly gas being $80-100. I'd kill to have a monthly gas bill that cheap..

I only have to drive 20 mins per day roundtrip to get to work, and I'm in Lincoln, NE for school so it's not like there's anything to doanyways. LOL

Not driving is NOT an option.

I've also learned from this experience that CC's are not cool. So even if I had another I wouldn't use it except to pay off the other CC. I'vegot self control. Still a bad idea?

Gas in the summer will be more expensive and I'll be doing about quadruple the amount of driving I'm doing now.

 

[theequickness]

its ALWAYS a bad idea to pay off a credit card with another...even if you have self-control, you are still setting yourself up.

 

[abernja]

Originally Posted by ricerocket1

since we are in the finance discussion thread i was wondering what do i need to do i have 2 years left in my car payments and now i have a new job but ill be taking the bart to work which is 2 blocks away and i wont be needing the car...anyone can help me

If your car is financed I'd suggest calling the company you went through and see if you can change from monthly payments to bi-weekly payments.You'll save $$$ each month because you won't be getting charged that extra interest. I'm also about to do the same in 3 weeks when I get back home.Other than that I'm not really sure what you're asking for.

 

[abernja]

Originally Posted by TheeQuickness

its ALWAYS a bad idea to pay off a credit card with another...even if you have self-control, you are still setting yourself up.

Ok scratch that.

New idea as an example. I'm allowed to make 4 online payments per month. Let's say I make two $50 payments instead of one $100 payment per month.I'd save myself from paying some interest correct? I'd obviously need to pay more than that, but it's just an example.

 

[mexclusive]

Like others said BALANCE TRANSFER is a lot better than CASH ADVANCE.
Most credit companies will offer a short term promo APR 0%-5% is okay usually 6 months to a year. CASH ADVANCE apr is usually high 20's%

http://www.creditcards.com/balance-transfer.php < compare some cards here. Or ask your bankif they offer some.

Also intrest is calculated on the average account balance for your billing cycle so it would not make a diffrence if you paid twice in one month unless youpay more then the min. amount. Remember your paying for intrest and for finance charges, different things.

One last thing, if you feel you absolutely cannot pay it off in a timely manner you can always call your credit card company and ask for a payment planwhere they hold off on you apr as long as you stick to your plan. Hope this help some.

 

[optimusp517]

Key thing that many of you are missing. Cut back on eating out and start prepping your own food. Also No buying little things! You'll have to put strictdiscipline on yourself in order to pay that credit card off.

To help put this in perspective. I'm not sure how much you spend doing that, but save ALL of your receipts for those two catagories in one month. Add themup and you'll see what I mean.

 

[vintagefits]

LOOK FOR A CREDIT CARD YOU CAN TRANSFER YOUR DEBT!
don't be afraid to ask that question over the phone BEFORE YOU APPLY

but cash advance is a definite NOOO!

 

[illmaticsoulchild]

Originally Posted by optimusp517

Key thing that many of you are missing. Cut back on eating out and start prepping your own food. Also No buying little things! You'll have to put strict discipline on yourself in order to pay that credit card off.

To help put this in perspective. I'm not sure how much you spend doing that, but save ALL of your receipts for those two catagories in one month. Add them up and you'll see what I mean.

This saves you so much money. The only drawback is the time it takes to prepare meals, but if you have the time, like I said, a real money saver.

 

[rfx45]

^^^ I don't think we are missing it, we just didn't acknowledge it because he mentioned it himself and was aware of it so either he already knows thatavoiding those will save him money or he has no other choice but to spend money on those little things.

 

[abernja]

PB & J - FTW!

 

[phinsfan13]

Credit cards are double-edged swords
Will DESTROY your credit if you're ever late, and if you get another, imagine if another expense comes up and you just credit it. And then another thing,and you credit that.
You're effed.
At the same time, credit cards are good to up your credit score to qualify for loans and other things later in life that make a high credit score so veryvital.
Take it as it is.
Budget your stuff, drive less, stop spending money on MATERIAL objects that won't hold up later in life. I'm starting to question the whole sneakerheadthing, if it's worth it and to just buy the essentials. Cause at the end of the day, I'd rather have tangible objects and possessions that trulymatter.
Get your stuff in line, and then work on your credit.