topic Re: What to pay down in General Credit Topics

What to pay down

Slimgoodie1 — Tue, 16 Jun 2020 12:32:10 GMT

here goes i have a balance transfer of $6666 at 3.99% it ends may 2021.i have $4000 i can use for paying this down only because of the extra unemployment money that was given out.other then that i would not have this amount. I want to have the least debt possible when and if i return to work.i know if i do return to work my hours will be cut drastically and i don't have much in saving.so should i just pay the $4000 and hope everything works out or spread the payments out just in case something happens i have something to fall back on.

Re: What to pay down

FlaDude — Tue, 16 Jun 2020 14:16:22 GMT

If you have no savings other than this, and your future job outlook is iffy, I would hold on to most of it. You're paying 0% now, if you pay that off and then end putting balances back on credit cards, it won't be at 0%.

Re: What to pay down

Slimgoodie1 — Tue, 16 Jun 2020 14:32:20 GMT

I am paying 3.99% and i have no plans to put myself back in this situation i have learned alot since this has happened.

Re: What to pay down

Anonymous — Wed, 17 Jun 2020 00:54:30 GMT

Any type of savings that you have?

If not, put $3k of that 4k away in savings account for emergency.

Then toss $1k to the balance. 4% interest is not bad at all. Worse than 0% but nothing to worry over.

Just play it safe and save some of it for other expenses if you run short in the future.

Can always toss more to the balance when able....but build some savings first.

Re: What to pay down

Slimgoodie1 — Wed, 17 Jun 2020 02:20:54 GMT

Thank you 👍