NT: Official Personal Finances Thread

[flyny]

My main issue is rent and credit card debt.
I made both mistakes.
I have about 10-11k in CC debt right now. Some crazy things happened last year that I had to take care of. Now I'm paying for it.

It's to the point where my CC debt is more than my liquid cash.

Any advice?

 

[based mod]

Get off NT and get a part time job working the graveyard in addition to whatever you're doing now. Pay it off asap.

Jesus man, I really hope you guys with these massive amounts of cc debt is a result of unforseen emergencies and not because you wanted some Yeezys

 

[al audi]

Get off NT and get a part time job working the graveyard in addition to whatever you're doing now. Pay it off asap.

Jesus man, I really hope you guys with these massive amounts of cc debt is a result of unforseen emergencies and not because you wanted some Yeezys

Never debt from clothes or sneakers if I had to I easily sold also, I've sold kicks to pay bills before younger days.

 

[al audi]

@Yeah

Crazy story man, I gotta start taking this stuff way more serious the time is now.

@Stay Lurkin

Good story man, an you def grew up and seem a lot more mature. That was a good story for me to hear. I have a buddy that happen to him making like 45k at 19 and 24 he lost his job was unemployed for a long *** time had a bad car accident and car got totaled.....(his lawsuit took a few years credit got ****** from med bills also) his lawsuit took like 4 years he just finally got right at 30 but still lives at home.

I'm gonna start at page 1 with this thread tomorrow.

 

[pdino]

My main issue is rent and credit card debt.
I made both mistakes.
I have about 10-11k in CC debt right now. Some crazy things happened last year that I had to take care of. Now I'm paying for it.

It's to the point where my CC debt is more than my liquid cash.

Any advice?

I would consolidate the CC debt into one of those CCs with 1 year 0% APR/interest and pay it off during that year period to avoid the interest. Just make sure you pay it off and don't slack, you got a year with no interest! Take advantage.

 

[capital sb]

 
Like what do you use?

What do I use for what? Tracking my expenses? Mint.com

@Based Mod  man life happens, especially when you are young and dumb

.We are in here trying to take care of the debt. Its not the end of the world, we learn from our mistakes, correct them and never let it happen again.

For extra income I have started doing amazon mTurk again looking to make ($300-$600 /mo). 

 

[AZwildcats]

My main issue is rent and credit card debt.
I made both mistakes.
I have about 10-11k in CC debt right now. Some crazy things happened last year that I had to take care of. Now I'm paying for it.

It's to the point where my CC debt is more than my liquid cash.

Any advice?

11k in credit card debt? Depending on the interest rates that **** could get worker real quick

 

[capital sb]

@FlyNY open up a credit card that has a 0% balance transfer promotional period. Pay off the card during this period, dont just open up another card and keep shuffling the balance around. Kill the debt and be done with it.

http://www.nerdwallet.com/blog/top-credit-cards/nerdwallets-best-balance-transfer-credit-cards/

Discover IT would be good for the long run IMO.

 

[hot route]

 
@FlyNY open up a credit card that has a 0% balance transfer promotional period. Pay off the card during this period, dont just open up another card and keep shuffling the balance around. Kill the debt and be done with it.

http://www.nerdwallet.com/blog/top-credit-cards/nerdwallets-best-balance-transfer-credit-cards/

Discover IT would be good for the long run IMO.

Most have low key transfer fee, but 0% intro APR.  That's how they get you.

More so, you still have to apply to see much you can transfer over.  This is interesting, but I thought opening too many cards this way was bad for your score or whatever?

 

[capital sb]

 
Most have low key transfer fee, but 0% intro APR.  That's how they get you.

More so, you still have to apply to see much you can transfer over.  This is interesting, but I thought opening too many cards this way was bad for your score or whatever?

That's fine, a 3% fee is better than 15%+ interest on the entire balance for however long it takes you to pay it off. There are some cards with no BT fees.

Not really bad for you score, opening 1 card is no big deal. Opening 5-10 cards within a short period of time is.

 

[HankHill]

Also look into the citi simplicity card. I think they are still offering the 21-month 0% apr deal.

 

[capital sb]

Also look into the citi simplicity card. I think they are still offering the 21-month 0% apr deal.

Great deal.

 

[hot route]

That's fine, a 3% fee is better than 15%+ interest on the entire balance for however long it takes you to pay it off. There are some cards with no BT fees.

Not really bad for you score, opening 1 card is no big deal. Opening 5-10 cards within a short period of time is.

True. Gonna apply and see whats good. Do you know if you can negoriate the balance tranfer fee?

Do you also tell them how much u wanna transfer when you apply, or do you have to see what you qualify firzt?? Thanks

 

[crcballer55]

 

That's fine, a 3% fee is better than 15%+ interest on the entire balance for however long it takes you to pay it off. There are some cards with no BT fees.

Not really bad for you score, opening 1 card is no big deal. Opening 5-10 cards within a short period of time is.

True. Gonna apply and see whats good. Do you know if you can negoriate the balance tranfer fee?

Do you also tell them how much u wanna transfer? Thanks

Call your current card and see if they'll be willing to negotiate down your interest rate first. If you've had a good record otherwise, they might be willing to work with you on that. Tell them if not, you're going to be transferring the money elsewhere and they'll be getting your interest instead.

 

[capital sb]

True. Gonna apply and see whats good. Do you know if you can negoriate the balance tranfer fee?

Do you also tell them how much u wanna transfer? Thanks

No negotiation the fee is taken out of the credit on the new card. For example, say you BT $1000 and the fee is 3% they will charge $1030 to the card when the BT is processed.

Yes you tell them how much you want to transfer.

 

[hot route]

Call your current card and see if they'll be willing to negotiate down your interest rate first. If you've had a good record otherwise, they might be willing to work with you on that. Tell them if not, you're going to be transferring the money elsewhere and they'll be getting your interest instead.

No negotiation the fee is taken out of the credit on the new card. For example, say you BT $1000 and the fee is 3% they will charge $1030 to the card when the BT is processed.

Yes you tell them how much you want to transfer.

thanks guys. gonna check the site and then apply. then cancel the old ones after they are clean.

spent a bit too much in the past and have definitely learned my lesson.

 

[agentorange]

Undergraduate college student here. Been contemplating getting a credit card to get some credit under my name other than student loans. Should I?

 

[jay are]

Undergraduate college student here. Been contemplating getting a credit card to get some credit under my name other than student loans. Should I?

It definitely wont hurt if you're responsible with your payments.

 

[crcballer55]

Undergraduate college student here. Been contemplating getting a credit card to get some credit under my name other than student loans. Should I?

Statistically, no. 70% of college students rack up a significant amount of credit card debt by the time they're out of school. Combine that with student loan debt you already have and you're looking at a couple years just to get back to zero.

From experience, I had student loans coming out of school and my credit score was always higher than my wife's who never had any loans. That was with 1 delinquent account on my record too (which shouldn't have been there at the time).

 

[based mod]

Credit cards are great if you have self-control. I've gotten thousands of dollars back in rewards and haven't paid a single cent of interest to CC companies. Plan on keeping it that way ~12 years into having gotten my first CC.

I currently have about 10 credit cards, 5 I keep in my wallet as a regular rotation. Each gets used at different types of stores depending on the rewards being offered.

1) Amex Blue Cash; - Costco, gas, groceries
2) Citi Forward - 5% cash back for restaurants, entertainment (movies, concert/sports tickets), bookstores (including all Amazon purchases). Easily my favorite & most used card.
3) Target - 5% all purchases
4) Discover - 5% cash back for different categories each quarter
5) Chase Freedom - same as Discover

Some give you an extra year of warranty for your purchases, insurance for your car rental, and misc other benefits.

Again, though, if you have no self-control and/or if you would spend more on the CC than you have in your checkings account, you probably shouldn't get a CC.

 

[usabasketball08]

Have the opportunity to pay off about $2600 in CC debt next month, and another $2600-$3000 in May. Trying to think about which ones I should pay off first, but I also have to consider the monthly payments. Ideally, I would pay off the cards with the highest APR first, but those have the highest minimum payments of course. I figured knocking a few cards off w/ a lower balance would help me out. Thoughts? (Listed in order from highest APR/balance to lowest)


A) $2600, $84/month
B) $2000, $45/month
C) $1950, $42/month
D) $800, $25/month
E) $750, $35/month
F) $500, $25/month
G) $300, $25/month


I need to knock off this debt because it's affecting my credit score, obviously. This is really the only blemish, high balances. Smh.

 

[antidope]

Ten credit Cards sheesh. I have two, one is a store card I took out to build credit and the other is chase freedom. That's a ton of hard pulls.

I use my credit card exclusively as a debit card equivalent and have never paid a cent in interest and hopefully never will.

 

[usabasketball08]

Ten credit Cards sheesh. I have two, one is a store card I took out to build credit and the other is chase freedom. That's a ton of hard pulls.

I use my credit card exclusively as a debit card equivalent and have never paid a cent in interest and hopefully never will.

I'm just glad ill be able to pay them off in the next 3-4 months. Lessons learned.  

I'm out of school and employed so I don't need them now..but in college? Smh‎

 

[superantigen]

Have the opportunity to pay off about $2600 in CC debt next month, and another $2600-$3000 in May. Trying to think about which ones I should pay off first, but I also have to consider the monthly payments. Ideally, I would pay off the cards with the highest APR first, but those have the highest minimum payments of course. I figured knocking a few cards off w/ a lower balance would help me out. Thoughts? (Listed in order from highest APR/balance to lowest)


A) $2600, $84/month
B) $2000, $45/month
C) $1950, $42/month
D) $800, $25/month
E) $750, $35/month
F) $500, $25/month
G) $300, $25/month


I need to knock off this debt because it's affecting my credit score, obviously. This is really the only blemish, high balances. Smh.

Economically speaking, it's better for you to start with debt A and work your way down towards G. Psychologically speaking, it's better to start with G and work your way up.

If I were in your shoes, I'd use that first $2600 to settle obligations G, F, E, and D.





...

 

[usabasketball08]

Economically speaking, it's better for you to start with debt A and work your way down towards G. Psychologically speaking, it's better to start with G and work your way up.

If I were in your shoes, I'd use that first $2600 to settle obligations G, F, E, and D.





...

Yeah I was thinking knocking out G,F,E, and D would help a lot psychologically. Then the next $3K would go towards A, and by June I would be able to knock out B and C finally.‎