Help Save Me Money On Interest

[Wiffle]

Hey guys, looking for a little advice on how you would tackle this. Trying to save money on interest, just not sure of the smartest way to go about it.

Car loan- 62k 3.19% $1048mo
Personal- 13k 6.99% $507mo
Personal- 10k 6.99% $507mo
CC- 15k 0% until oct 2019 $200mo
CC- 5k 0% $150mo
CC- 2k 0% $50mo
CC- 1k 0% $55mo

I can comfortably afford an extra $1-1.5k monthly

I get a few bonuses throughout the year, this is what I can apply from those upcoming bonuses...
10k now
5k jan
10k april
5k July

I have 2 balance transfers available to me right now that I can direct deposit into my bank...
14k 3% flat fee until March 2020
13k 3% flat fee until March 2020

I’m trying to stay mindful of the promo 0% APR end dates. Thank you in advance. Any questions, just ask

[Anonymous]

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@Wiffle wrote:

CC- 15k 0% until oct 2019 $200mo
CC- 5k 0% $150mo
CC- 2k 0% $50mo
CC- 1k 0% $55mo

What are the end dates of the last three 0% promos?

[Wiffle]

Those 3 are store cards and were used for 0% promos. The balances were divided up into whatever the promo was (24/36mo). Those numbers I gave are the minimum payments. Not too concerned with those 3 cards because I’ll never pay interest as long as I continue to pay the monthly minimum amount

[tcbofade]

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@Wiffle wrote:
Those 3 are store cards and were used for 0% promos. The balances were divided up into whatever the promo was (24/36mo). Those numbers I gave are the minimum payments. Not too concerned with those 3 cards because I’ll never pay interest as long as I continue to pay the monthly minimum amount

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If you're certain about that last line, then your highest interest rate is on the personal lines...  (6.99% is awesome!)... but 0% is better.  I'd use your 0% BTs to pay off the personal lines, then use your bonuses to pay off the BTs before interest hits.

[xaximus]

Personally - since the cards are already setup so that payments being made will zero out the balance before the 0% promo is over, I wouldn't touch those. The 3 that are left (loans). I wouldn't touch the Car Loan simply because you want to have atleast one loan to show on your CR.

The other 2, I would put the 1-1.5k towards them to pay them off as quick as possible. Start with the 10k - from my estimate - if you the 1.5k plus the 500 that you are already paying, you should be able to zero out that loan in 6 months. Once that is paid, you should have 2k available to hit the 13k loan. By that time , that loan should be around 10k, do the same to that, but that should zero out in 4 months.

As far as the bonuses go - I would save those for emergencies or a backup fund. Drop it in a good savings account or money market/investments.

[iced]

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@Wiffle wrote:
Hey guys, looking for a little advice on how you would tackle this. Trying to save money on interest, just not sure of the smartest way to go about it.

Car loan- 62k 3.19% $1048mo
Personal- 13k 6.99% $507mo
Personal- 10k 6.99% $507mo
CC- 15k 0% until oct 2019 $200mo
CC- 5k 0% $150mo
CC- 2k 0% $50mo
CC- 1k 0% $55mo

I can comfortably afford an extra $1-1.5k monthly

I get a few bonuses throughout the year, this is what I can apply from those upcoming bonuses...
10k now
5k jan
10k april
5k July

I have 2 balance transfers available to me right now that I can direct deposit into my bank...
14k 3% flat fee until March 2020
13k 3% flat fee until March 2020

I’m trying to stay mindful of the promo 0% APR end dates. Thank you in advance. Any questions, just ask

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I would not do any BTs. The 3% fee is going to more than offset the 0% when you're transferring from balances with interest less than 10% and over such a short period of time. If it were me, here's what I'd do:

1. Throw 10k at the 10k personal loan now to clear it. That frees up another $507/month to pay off debt.

2. Throw the extra $2007/month at the other personal loan. With the bonus in January, it should be paid off. That frees another $507.

Based on when the 15k 0% ends, do one of two things:

3a. If it ends before 2020, start throwing an extra $500 at it monthly plus all bonuses. This should clear it out before the promo period ends. Throw the remaining extra $1514 at the car.

3b. If it's longer (unlikely), just throw the extra $500 at it and put the bonuses toward the car.

4. A few months before each of your other existing 0% periods end, divert the extra $2014 to them. Don't forget to add their payments to the extra payment toward the car when done.