to consolidate or not
10-24-2008, 09:18 AM
#21
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i know you guys are trying to help but in the mean time also missing my general question of to "consolidate or not".....i'm guessing the concenus says "no, pay off what i have"....
my car does have warranty till 100k(extended warranty), i paid 21k at 4.95% apr for the s2000, not what msrp is on the car of 33k+
i only pay 50 more a month that i did for my civic that was 2 years older and my insurance is 40 less per month on the s2k......, seemed like not a bad deal i thought at the time and i still dont regret it,.... sure, my civic would be almost paid off by now.
I cant be without a computer, i use it for paying these credit card bills so i make sure im not late by mailing them in, school work, etc.
The rent thing is not gonna change but by maybe 200-300 at the most, when the lease is up.....believe me, im tired of these high prices for rent too,...when i moved here i went from 400 a month rent in minnesota to out west where its as you can see almost 3x as much. guess i need to move to the mid-west again.
my car does have warranty till 100k(extended warranty), i paid 21k at 4.95% apr for the s2000, not what msrp is on the car of 33k+
i only pay 50 more a month that i did for my civic that was 2 years older and my insurance is 40 less per month on the s2k......, seemed like not a bad deal i thought at the time and i still dont regret it,.... sure, my civic would be almost paid off by now.
I cant be without a computer, i use it for paying these credit card bills so i make sure im not late by mailing them in, school work, etc.
The rent thing is not gonna change but by maybe 200-300 at the most, when the lease is up.....believe me, im tired of these high prices for rent too,...when i moved here i went from 400 a month rent in minnesota to out west where its as you can see almost 3x as much. guess i need to move to the mid-west again.
10-24-2008, 05:36 PM
#23
[QUOTE=sillyboybmxer,Oct 24 2008, 12:18 PM] i know you guys are trying to help but in the mean time also missing my general question of to "consolidate or not".....i'm guessing the concenus says "no, pay off what i have"....
my car does have warranty till
my car does have warranty till
10-28-2008, 11:48 PM
#24
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I have your answer.
What all these self rightous know-it-alls are missing is that you have an immediate concern and that they feel they need to be you parent in this matter. They are all right....and wrong.
It would be best to consolidate if you can get approved for the credit. Keeping your balances below 50% (preferably below 30%) will improve your credit and based on the comments you are probably maxed out on what you currently have.
The older credit cards you have will affect your credit the most so even though you will take an initial hit on your credit it will most definitely improve in 6 months so long as you don't add to it and start remembering that you used them for an "emergency".
One of the most important sayings in my family is that "Quality is remebered long after price is forgotten." If you want to get the better product at the expense of throwing some of the balance on a 0% cc then do it. You will be happier in the end.
Everything comes in moderation. Be responsible
-Joshua
What all these self rightous know-it-alls are missing is that you have an immediate concern and that they feel they need to be you parent in this matter. They are all right....and wrong.
It would be best to consolidate if you can get approved for the credit. Keeping your balances below 50% (preferably below 30%) will improve your credit and based on the comments you are probably maxed out on what you currently have.
The older credit cards you have will affect your credit the most so even though you will take an initial hit on your credit it will most definitely improve in 6 months so long as you don't add to it and start remembering that you used them for an "emergency".
One of the most important sayings in my family is that "Quality is remebered long after price is forgotten." If you want to get the better product at the expense of throwing some of the balance on a 0% cc then do it. You will be happier in the end.
Everything comes in moderation. Be responsible
-Joshua
10-29-2008, 06:12 AM
#25
[QUOTE=midnightsunset,Oct 29 2008, 02:48 AM] I have your answer.
What all these self rightous know-it-alls are missing is that you have an immediate concern and that they feel they need to be you parent in this matter. They are all right....and wrong.
It would be best to consolidate if you can get approved for the credit.
What all these self rightous know-it-alls are missing is that you have an immediate concern and that they feel they need to be you parent in this matter. They are all right....and wrong.
It would be best to consolidate if you can get approved for the credit.
10-29-2008, 05:44 PM
#26
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Originally Posted by AssassinJN,Oct 29 2008, 06:12 AM
Since I am guessing I've already been labeled as a know-it-all, I might as well respectfully offer a counter point to your suggestion.
While his primary question is to consolidate or not, there is a root cause to the reason for the question in the first place that must be addressed before consolidation can help in anyway.
He currently has 2 cards that are 0% interest for a limited time, however one is close to running out and that interest will be assessed at that time and added to his principal. Why did this happen? Because he was unable through a combination of circumstances that were both in his ability to control and not control.
Lets say he consolidates to a 0% card, what has it accomplished? It has bought him another year to pay off the balance at the cost of an upfront 3% fee. However he is still making the same amount, and still unable to pay off the balance while paying his current bills. So he has accomplished nothing.
I've already shown that if he does the two things even he says he could do (buy a cheaper car, and move out of his apartment) he would save enough in a year to pay off the entire balance of all of his cards and be on his way to paying off his car.
Your family saying is good advice, but with one huge caveat; that you only put as much on a 0% card as you know you can pay off before the introductory rate ends, and for that you need to have money tucked away for emergencies so you don't have to add more to the card. Once in any kind of debt trouble, you should get out completely first, before jump back in at a lower level.
While his primary question is to consolidate or not, there is a root cause to the reason for the question in the first place that must be addressed before consolidation can help in anyway.
He currently has 2 cards that are 0% interest for a limited time, however one is close to running out and that interest will be assessed at that time and added to his principal. Why did this happen? Because he was unable through a combination of circumstances that were both in his ability to control and not control.
Lets say he consolidates to a 0% card, what has it accomplished? It has bought him another year to pay off the balance at the cost of an upfront 3% fee. However he is still making the same amount, and still unable to pay off the balance while paying his current bills. So he has accomplished nothing.
I've already shown that if he does the two things even he says he could do (buy a cheaper car, and move out of his apartment) he would save enough in a year to pay off the entire balance of all of his cards and be on his way to paying off his car.
Your family saying is good advice, but with one huge caveat; that you only put as much on a 0% card as you know you can pay off before the introductory rate ends, and for that you need to have money tucked away for emergencies so you don't have to add more to the card. Once in any kind of debt trouble, you should get out completely first, before jump back in at a lower level.
Using public trans, eating Top Ramen,... there are many solutions to this guys "real" problem.
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