Banking question

[lightsout]

What's the interest rate on the CC?

13% I think. I shredded the card a couple months ago. I plan on just paying it off and getting another card and storing it for absolute emergency purposes. It's drawing about $15 each statement, at least, according to my statements. I can't find an actual interest rate percentage anywhere.

[Skew]

You should just pay it off if you can. If not, pay as much until you do. I can tell you what you need to do, but you need $ to do it and it doens't sound like you have it. Best thing to do is pay it off and pay cash for everything while you try to save some.

I know. Easier said than done sometimes.

[lightsout]

You should just pay it off if you can. If not, pay as much until you do. I can tell you what you need to do, but you need $ to do it and it doens't sound like you have it. Best thing to do is pay it off and pay cash for everything while you try to save some.

I know. Easier said than done sometimes.

Well, my original plan was just to take a little extra out on my school loan, and pay it off that way (since I take out extra for living expenses anyway). But, I JUST got that refund check last week, so that didn't work out like I wanted. Plan on getting a job at a ski resort when I get back from Thanksgiving break to make a little money to pay it off. According to a guy that works there, I could realistically make $170 in 2 days, and I will probably get 4 days or so each week. So, if that is true, I should be in GREAT shape, especially since I live frugal anyway.

[pstall]

hey x. stay ahead of the debt game as best you can. google snowballing debt if you need to but with one card, that's very manageable.

Smart move on having a card for emergency purposes. Ideally if you can get 500 or 1k in cash for that reason, even better. Something pops up, take your cash, pay it off and rebuild that cushion all over again.

I have gone from no debt, to high debt, to no debt BACK to debt in my time. Haha. It's all about the long view.

[Skew]

Well, my original plan was just to take a little extra out on my school loan, and pay it off that way (since I take out extra for living expenses anyway). But, I JUST got that refund check last week, so that didn't work out like I wanted. Plan on getting a job at a ski resort when I get back from Thanksgiving break to make a little money to pay it off. According to a guy that works there, I could realistically make $170 in 2 days, and I will probably get 4 days or so each week. So, if that is true, I should be in GREAT shape, especially since I live frugal anyway.

If possible, take funds from the student loan to pay off the credit card now assuming the student loan is a much lower interest rate but ONLY if you can start repaying that part of the student loan back immediately.

If not, don't do it.

You may also look into applying for another card that will allow you to transfer the balance of the 13% card to a new card with a lower interest(read the fine print for any transfer fee to see if it's worth doing). Treat this new card the same as the old card (immediately cut up the new card and don't use it). It's like having the same loan but with lower interest.

That's all I can think of off the top of my head without truly knowing your financial situation.

Hope that helps.

[pstall]

also, unless the current card has an annual fee, do NOT close it out. that will negatively impact your credit. you want the oldest card to remain so that keeps your credit history to be much higher.

maybe once a year, charge something small and pay in full at the end of the month.