YADT dont like to keep debt

[Al Neri]

i personally don't like to keep debt, (except for a house loan) and have come into about 1000-1500$ worth of debt (recent medical problems, unexpected weddings). i have worked together a payment plan in excel over my next 5 paychecks (2.5 mos.) to get it down to zero. I always see 0% balance transfers and low APR rate credit cards... would this be a wise fhoice? Get all of my debts (1 is checking + on my checking account, and the remaineder are credit card debts) swept onto one low apr account and pay it off that way?

thanks!

don r.

 

[zephyrprime]

For such a small amount of money, it is not worth the bother.

 

[EPCrew]

Consolidate if you can. Be careful of transfer fees. If you have a spare cc, try giving them a call to see what they can do for you. They might have an offer. Even if they don't, you may be able to negotiate. Tell them you received a better offer elsewhere. I currently have about 11k in consolidated debt at 0% for life. I have the funds to pay it off completely, but I've decided to make more payments on it so that i can save on the bank interest.

 

[Scarpozzi]

Yeah....don't get another credit card if you can help it. I tried this approach and now have 4 credit cards with approximately the same amount of debt....they all have different APRs....of course, I had some unexpected expenses come up too since I got them.....My unexpected engagement, wedding, and honeymoon.....plus, I'm still spending money to reinsulate my house...so hopefully I can start paying this stuff off again or get a raise.

 

[dullard]

Originally posted by: zephyrprime
For such a small amount of money, it is not worth the bother.

Ditto.

At worst, you have $1500 on 20% interest credit cards. Then, you'll pay <$40 in interest. Going through all the work, getting yet another CC, transferring all the balances, checking that everything clears, etc isn't worth <$40.

Plus, you have to wonder what this may do to your credit score. It very well may be harmless, but I don't know your situation, so I can't make any real comments.

And remember, it may take 1-2 months to get accepted and to transfer the balances. By then, you'll have the debt mostly paid off.

 

[Al Neri]

Originally posted by: EPCrew
Consolidate if you can. Be careful of transfer fees. If you have a spare cc, try giving them a call to see what they can do for you. They might have an offer. Even if they don't, you may be able to negotiate. Tell them you received a better offer elsewhere. I currently have about 11k in consolidated debt at 0% for life. I have the funds to pay it off completely, but I've decided to make more payments on it so that i can save on the bank interest.

this is kind of embarassing but can you explain " I currently have about 11k in consolidated debt at 0% for life" what do you meaN? you never pay interest?
(obv this cant be true)

 

[EPCrew]

Originally posted by: Scarpozzi
...or get a raise.

I just got my raise. I love September.

 

[EPCrew]

Originally posted by: Don Rodriguez

Originally posted by: EPCrew
Consolidate if you can. Be careful of transfer fees. If you have a spare cc, try giving them a call to see what they can do for you. They might have an offer. Even if they don't, you may be able to negotiate. Tell them you received a better offer elsewhere. I currently have about 11k in consolidated debt at 0% for life. I have the funds to pay it off completely, but I've decided to make more payments on it so that i can save on the bank interest.

this is kind of embarassing but can you explain " I currently have about 11k in consolidated debt at 0% for life" what do you meaN? you never pay interest?

0% for the life of the balance transfer. Any additional purchases go at the normal rate.

 

[EPCrew]

Originally posted by: Don Rodriguez

Originally posted by: EPCrew
Consolidate if you can. Be careful of transfer fees. If you have a spare cc, try giving them a call to see what they can do for you. They might have an offer. Even if they don't, you may be able to negotiate. Tell them you received a better offer elsewhere. I currently have about 11k in consolidated debt at 0% for life. I have the funds to pay it off completely, but I've decided to make more payments on it so that i can save on the bank interest.

this is kind of embarassing but can you explain " I currently have about 11k in consolidated debt at 0% for life" what do you meaN? you never pay interest?
(obv this cant be true)

Basically, I kept only 3 CCs. Amex charge for everyday purchases that I must pay off every month. Discover to keep my transfer balance (that'll get closed once I finish paying off). Citibank for emergencies, which I don't even carry around with me anymore.