Don't know what to do...
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Don't know what to do...
| Sun, 12-04-2005 - 7:26pm |
I received an offer for 0% 12 months/12.99%. Right now no thanks to my dh most of the cc's are with an APR of 22/27/28%. I was approved but not for the amount I was hoping maybe because I didn't include dh income. So I will focus on paying off the cc w/0%.
I also received another offer with a APR of 7.99 Plantium or 13.99 for preferred again lower than what I have, this time I will include total income and maybe be able to transfer more. I'm proud....I have charged NOTHING in several months!
My confusion: I received a check from my credit union for $3000.00 APR is 9%. This is a "holiday check".... I have not done any christmas shopping, paid ALL my bills this month which includes car registration and smog. I'm left just with enough for groceries. I'm considering depositing this "holiday check". My plan is to at least payoff 1 or 2 cc's, use some for gifts and put some aside.
I just don't know what to pay off:
Gas card #1 = 1,113 payment = 112.00 Apr. 21
Gas card #2 = 767 = 25.00 Apr 21
Ccredit = 1,325 = 40.00 Apr 22
Ccredit = 1,928 = 60.00 Apr 27
I'm just frustrated, trying to figure out what will work best and what to pay. I don't want to get into further debt. Any thoughts???
I also received another offer with a APR of 7.99 Plantium or 13.99 for preferred again lower than what I have, this time I will include total income and maybe be able to transfer more. I'm proud....I have charged NOTHING in several months!
My confusion: I received a check from my credit union for $3000.00 APR is 9%. This is a "holiday check".... I have not done any christmas shopping, paid ALL my bills this month which includes car registration and smog. I'm left just with enough for groceries. I'm considering depositing this "holiday check". My plan is to at least payoff 1 or 2 cc's, use some for gifts and put some aside.
I just don't know what to pay off:
Gas card #1 = 1,113 payment = 112.00 Apr. 21
Gas card #2 = 767 = 25.00 Apr 21
Ccredit = 1,325 = 40.00 Apr 22
Ccredit = 1,928 = 60.00 Apr 27
I'm just frustrated, trying to figure out what will work best and what to pay. I don't want to get into further debt. Any thoughts???

DO NOT USE THE CHECK FOR GIFTS!!! That is just opening a bag of worms. Go ahead and use it to pay off a higher rate debt. But for gifts, budget an amount you can afford and stick with it.
Shannon
What is the monthly payment on the Christmas check from the credit union? I would call and check so you make sure whatever you pay off has a minimum that will cover the new minimum you're paying to the credit union. I think there are 2 schools of thought-1 that says go with smallest bill and pay it off and another which says go by interest rate. I'm willing to work and wait for the balances to be paid off so I go by highest interest rate which in this case is the CC for 1,928. BUT, if the payment on the Christmas check will be more than 60.00 each month I would go for the one with 1,113 that has a payment of 112.00. In terms of the Christmas gifts, if I'm reading your post correctly absent using this check there are no Christmas gifts right? So, in using some of the money for gifts just keep reminding yourself that you are essentially putting those gifts on a credit card. Set a strict budget for yourself and stick to that!
Taleyna