Deleted
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Post by Deleted on Jan 29, 2011 1:14:04 GMT -5
If you had to choose between contributing to your Roth IRA and paying off a credit card that the 0% interest is about to expire in Feb.
The amount is $4,795 (taking it from my money market)
The credit card is about 8K
and the Roth are for both my wife and I (was thinking about 2K in each)
I can always try to transfer the credit card to another low interest rate card (goal is to have no credit card debt at the end of 2011).
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The J
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Post by The J on Jan 29, 2011 1:22:17 GMT -5
What would be the "low rate" and the cost of the transfer?
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Deleted
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Post by Deleted on Jan 29, 2011 1:24:19 GMT -5
What would be the "low rate" and the cost of the transfer? did not start shopping around yet, so cannot provide that. Since both our credit are good I was hoping for something under 5% or even 0% if I could find one for a certain period. |
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The J
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Post by The J on Jan 29, 2011 1:27:27 GMT -5
Keep in mind that most have an uncapped 3% fee now.
I'd wait until you found the transfer offer to decide.
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Deleted
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Post by Deleted on Jan 29, 2011 1:32:13 GMT -5
Keep in mind that most have an uncapped 3% fee now. I'd wait until you found the transfer offer to decide. Let say for argumets sake I don't find one (being conservative) and it seems te rate will go back to a regular 20% (just checked) what would you do? |
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on Jan 29, 2011 1:44:40 GMT -5
I'd probably make paying off the credit card a priority.
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Jake 48
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keeping the faith
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Post by Jake 48 on Jan 29, 2011 10:08:07 GMT -5
Pay the card off
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Plain Old Petunia
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Post by Plain Old Petunia on Jan 29, 2011 10:20:01 GMT -5
Citi Platinum Select has an offer of 0% for 24 months, 3% transfer fee.
I think that in 2011, you should work both Roth contributions and credit card debt reduction into your budget.
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The J
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Post by The J on Jan 29, 2011 11:29:32 GMT -5
If you couldn't find one? Pay the card.
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Deleted
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Post by Deleted on Jan 29, 2011 11:43:00 GMT -5
Citi Platinum Select has an offer of 0% for 24 months, 3% transfer fee. I think that in 2011, you should work both Roth contributions and credit card debt reduction into your budget. Thanks will look into now |
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DVM gone riding
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Post by DVM gone riding on Jan 29, 2011 13:20:01 GMT -5
You could split the difference. Pay 1k on the card 1k to each roth and hold the rest to decide what happens in the next two months. OR you could put it all on the card (what I would do if I had that much cash and that much cc debt about to go that high) And then put a set amount into the Roth every month-the biggest question of course is why did the CC get so high and can you fix the spending issue that created it??
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schildi
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Post by schildi on Jan 29, 2011 14:16:47 GMT -5
If you get a new card with 0% and 3% transfer fee, I'd go for the Roth. But then I would very aggressively pay down that CC. And as Petunia mentioned, I would try to work the Roth into a future budget, if possible maxing both for you and the wife. cawiau, is that you in your avatar?  |
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Deleted
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Post by Deleted on Jan 29, 2011 14:24:54 GMT -5
If you get a new card with 0% and 3% transfer fee, I'd go for the Roth. But then I would very aggressively pay down that CC. And as Petunia mentioned, I would try to work the Roth into a future budget, if possible maxing both for you and the wife. Thanks and I did just that. I was approved for the new credit at 0% for 18 months (not 24 months like it was mentionned above). So will do the transfer next week. Unfortunately do to some excessive traveling/wedding/expenses we were not able to max our ROTH this year  Yes and will only get better sincee I am cutting down to go to Vegas in July and DR after that. |
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Deleted
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Post by Deleted on Jan 29, 2011 14:26:45 GMT -5
-the biggest question of course is why did the CC get so high and can you fix the spending issue that created it?? Yes we have it now under controla and fix the issue  Thanks |
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schildi
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Post by schildi on Jan 29, 2011 14:27:54 GMT -5
Yes and will only get better sincee I am cutting down to go to Vegas in July and DR after that. Very impressive, cawiau! Do you have to turn sideways to fit through that door in the background?  |
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Deleted
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Post by Deleted on Jan 29, 2011 14:30:08 GMT -5
Yes and will only get better sincee I am cutting down to go to Vegas in July and DR after that. Very impressive, cawiau! Do you have to turn sideways to fit through that door in the background? LOL  |
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