/biz/ - Business & Finance

[Anonymous No.55287784]

I need to know the best method to get out of debt. I have $18,700 in debt out of multiple cards. I have 8 cards where 5 of them will be paid off in August. The other 3 are the issues. I have a card with $10,000 debt but no interest til March, a $2,500 card with 29% APR and a $3,000 card with 30% APR. I make $63k a year and save maybe $500 a month.

Would a debt consolidation loan be best or should I do a balance transfer card? I was thinking of doing the transfer for the $5,500 and worry about the interest free $10,000 later or if I could add part of it to the new transfer card. On the other hand, getting a loan for $17,000, I'd be clear of debt and only focus on $17,000. Everywhere I go though, the APR is over 20%. The max I got was 23%. And I know you can't pay early without a penalty. So if someone can help me, I'd owe you my gratitude.

tl;dr debt consolidation loan vs balance transfer card for $17,000; which is better?

[Anonymous No.55287787]

Correction: $18,700 not $17,000

[Anonymous No.55287808]

>>55287784
What the fuck is wrong with you?

[Anonymous No.55287809]

Id suggested buying my soon to release crypto IdleBurn - Join here - discord: drqEBEaYRP

[Anonymous No.55287817]

>>55287808
Nothing. I don't regret using that money cause I lived the best life I could doing what I wanted. Now it's just time I pay back.

Any advice or no?

[Anonymous No.55287845]

>>55287817
Fair enough. Yeah I would do a debt consolidation for whatever fixed rate you can find and do whatever you can do to pay it off asap. Just curious what did you use the money to do anyway?

[Anonymous No.55287852]

>>55287784
Buy IdleToken on launch before it moons
Discord: DNh7nqG3N9

[Anonymous No.55287872]

Balance transfers if you can on other cards. Kicks the can down the road a year. Pay mins on the transfer while you get the 10k down then transfer that remainder in March. Then back to the original 5.5. Keep doing until paid all off

[Anonymous No.55287878]

>>55287845
I can afford to pay $1,000 a month to the loan but I'm worried if I pay off sooner, wouldn't I get a penalty?

As for what I used - the best relationship I've ever had. Traveled, went to events, pretty normie stuff really. But it was a time of my life where I felt I had a purpose. Of course things took a turn for the worst but whatcha gonna do? Still young, focusing on my career and with real possibilities of moving up (work for a bank,) and eventually making a lot of $. Just need this little hurdle out of the way.

[Anonymous No.55287881]

>>55287784
In the same boat, we can be retards together.
Most of my credit card debt came from investments so I still have all that and don’t want to sell. You make $63k and only save $500? Put like $12000 in consolidation and the rest on a balance transfer card. Lock the fucking cards and do whatever you can to not spend frivolously,

[Anonymous No.55287884]

>>55287872
This too sounds like really good advice. What I was thinking is try to get the card and if approved, go this route. Was looking into Amex Everyday CC "0% intro APR on purchases and balance transfers for 15 months from the date of account opening, then a variable APR, 17.99% to 28.99%.¤"

Do you have any other recommended cards?

[Anonymous No.55287889]

>buy a nigger skin suit
>rob a Walmart, 7/11, Target whatever
>sell Loot to craiglist

[Anonymous No.55287899]

>>55287881
Having to live with my mom again really drags me down financially. Long story short but my dad's not in the picture anymore and he stopped paying life insurance.

This is good too. I don't use those cards anymore. just the $10k for the 5% then I pay off whatever it was immediately (like it means anything.) Do you think I should maybe get the loan closer to when my interest will kick in on the 10k card?

[Anonymous No.55287902]

>>55287881
Oh wait you can’t get under 20% APR lmao. Nvm, you’re fucked, do a balance transfer if you can and get the interest as low as possible across all debts until you pay everything off.

[Anonymous No.55287933]

>>55287902
So far 2 people said balance transfer 1 said loan. Let's see what 1 more says and I'll go with that. I'm thinking the balance transfer is more responsible either.

Do you know which card would be best?

[Anonymous No.55287949]

>>55287933
If you get a smaller loan you can possibly qualify for lower APR, 20% is way too much though and not worth taking installments if you’re already able to manage it on balance transfer cards.

[Anonymous No.55287950]

>>55287878
Kek spending that much money on a woman that you don't have. My wife is cheap and we do thrifty things like go hiking most days, we did travel last year but it was all money we had, I was just raised right and can't into credit debt

[Anonymous No.55287959]

>>55287878
>the best relationship I've ever had. Traveled, went to events
Based, not the best move financially but as long as you found it fulfilling and it made you happy that's awesome. The world is filled with really sad rich people who have tons of wealth but are still totally alone and miserable, I wouldn't sweat it just make sure you move on from it. Good luck

[Anonymous No.55288006]

>>55287950
that's cool man. boost your ego anonymously. it's all good homie.
>>55287959
Thanks man. The reason I'm not with her is she eventually started showing signs of BPD and it got to a point where it wasn't worth it. But those 18 months will never be forgotten.
>>55287949
So you think the best option is maybe do a balance transfer for whatever I can get, and then request a smaller loan to cover the rest?

[Anonymous No.55288088]

>>55288006
>So you think the best option is maybe do a balance transfer for whatever I can get, and then request a smaller loan to cover the rest?
Yes, provided the loan is the option with the lowest APR for the remaining debt
For anything on a balance transfer, calculate how much you can put down on it per paycheck and aggressively pay it off
Don’t be stupid and take out anymore debt either

[Anonymous No.55288100]

>>55287878
You're a fuckin retard, but you have a good attitude about the situation and outlook. I think you just might make it.

[Anonymous No.55288161]

Been there man. I cut all expenses and worked two jobs. It took a long time. I have over 25k cash right now and more in investment

[Anonymous No.55288173]

>>55288088
>>55288100
>>55288161
Thanks for the input guys. Remember: the fact we are aware of /biz/ means we will ALL make it.

[Anonymous No.55288259]

>>55287878
You're going to take the biggest hit taking the consolidation, since that's going to pay off those debts, too. But, any penalty you get for paying off early will beoffset by the increased income:debt you get after it's gone. It might be offset completely. Regardless, once you get it out of the way, you're going to have plenty of time recovering with a healthier credit usage later. Take the small hit now.