SERIOUS money question: NEED HELP!!!

[TheMalcolmConnection]

Our money is comibined anyway, so I guess in some ways, she's paying for her own ring anyway. HAHA.

[724Skinsfan]

Originally Posted by TheMalcolmConnection

Our money is comibined anyway, so I guess in some ways, she's paying for her own ring anyway. HAHA.

Niiiiiiicccceeee!

[TheMalcolmConnection]

But then I get to pay her student loans. Yay.

[724Skinsfan]

Eh, it's just money...

[TheMalcolmConnection]

But we're also in the midst of planning for a wedding in May.

[724Skinsfan]

Originally Posted by TheMalcolmConnection

But we're also in the midst of planning for a wedding in May.

Hmm...open bar? What day?

[TheMalcolmConnection]

Si, open bar. If you're in Key West in May, give me a shout.

[saden1]

Originally Posted by TheMalcolmConnection

The final details of the transfer are this: I called my Amazon.com credit people, told them the deal, they did a wire transfer as of today. If I would have waited for tomorrow, it would have been too late. They transferred the entire 2,500 I had left on the ring to my Zales card.

I called the Zales people and told them the money was coming and they put a note on the account the payment was coming and that even if it was late, they wouldn't charge me the interest. My Amazon.com people got me a 6% rate on the 2,500 transferred over (which is far better than my purchase rate of 12%). So I'm good, for now.

Seems like a better deal but don't settle for 6%. Do some research and find a card that will allow you to have 0% on balance transfers for 12 to 24 months.

Tips from saden1:
1. All you need in life is one credit card.
2. If it's under 2K and you can't buy it outright save up to buy it.
3. Always make the annual call to your credit card company to get your limit increased and your rate reduced.
4. If you can't pay for it within a year you can't afford it (big ticket items like a car or a house excluded).
5. Tax refunds should be used to pay your debt first.
6. Striving to be debt free is not Un-American.


I've tried to live by these rules for the last 5 years and believe me, it works wonders.

[TheMalcolmConnection]

Originally Posted by saden1

Seems like a better deal but don't settle for 6%. Do some research and find a card that will allow you to have 0% on balance transfers for 12 to 24 months.

Tips from saden1:
1. All you need in life is one credit card.
2. If it's under 2K and you can't buy it outright save up to buy it.
3. Always make the annual call to your credit card company to get your limit increased and your rate reduced.
4. If you can't pay for it within a year you can't afford it (big ticket items like a car or a house excluded).
5. Tax refunds should be used to pay your debt first.
6. Striving to be debt free is not Un-American.

I've tried to live by these rules for the last 5 years and believe me, it works wonders.

Those two in particular are great advice. When I placed my call today, they were like, "Sure we can reduce your rate. I was like WHAT?! How?" So they just did it. I'll know that from now on.

I REALLY hate debt and normally I'm on top of it with paying stuff off, but this wedding has caused our typically frugal spending plan to go a little nuts.

Great advice though.

[saden1]

Originally Posted by Mattyk72

LOL funny that you say to borrow from Mom.

I always hated asking my Dad for money when I was in college. I felt like I was going before a judge and jury. I could always count on Mom though, she would toss me a 20 spot and not ask any questions.

My mom is nuts when it comes to money. Just the other day my little sister asked her for 1K and she just said "OK, I'll get it from your dad." What's even worse is that the money will be used to pay for DVD/Navigation System for her car. WTF?

[TheMalcolmConnection]

I'll never borrow money from anyone to pay off debts. Sure, it's the easy road out, but I figure if I'm adult enough to live on my own and have my own house, I shouldn't be asking mom or dad for cash.

[724Skinsfan]

Originally Posted by saden1

Seems like a better deal but don't settle for 6%. Do some research and find a card that will allow you to have 0% on balance transfers for 12 to 24 months.

Tips from saden1:
1. All you need in life is one credit card.
2. If it's under 2K and you can't buy it outright save up to buy it.
3. Always make the annual call to your credit card company to get your limit increased and your rate reduced.
4. If you can't pay for it within a year you can't afford it (big ticket items like a car or a house excluded).
5. Tax refunds should be used to pay your debt first.
6. Striving to be debt free is not Un-American.


I've tried to live by these rules for the last 5 years and believe me, it works wonders.

Good tips. If I could add one more it would be to pay off your auto loan asap and drop full coverage auto insurance (if you're not accident prone). Also, borrow to pay off your Needs not your Wants.

[TheMalcolmConnection]

I DO hate being forced into full auto coverage. I can't stand that I have to have collision, etc. My deductible is so high it's not even worth it.

[Hog1]

Originally Posted by Mattyk72

Rings and alcohol, now that's a lethal combo!

There should be a man law about this.

Only thing sweeter is open bar at the gun show!

[Schneed10]

Transferring the balance to a different card was the right thing. I'd still try to open a new card with 0% for 12 months, and transfer the balance to that account. 0% is better than 6%.

While you're sitting on the 0% account for a year, make sure you are physically putting money aside to make sure this doesn't happen again. Take $50 out of every paycheck and put it in a drawer; or in a separate savings account. Keep that cash out of sight so it will stay out of mind. Then when your 0% account comes due, tap into your stash and pay it up in full.