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Thread: Paying Off Big Debt - June 2018

  1. #11
    Senior Member
    Join Date
    Feb 2015
    Posts
    3,197
    Nice job!

    i forgot all about the thread. I am doing really well on my car loan. Currently it looks like I will have it paid off by Valentine’s Day.

    i was kicking myself because we went on vacation and I forgot to pay my cc on time. This is the first time that has ever happened to me. EVER. And it only cost me $7. So, while it was a wasted $7, i’m just looking at it as part of the cost of relaxing and not worrying about stuff on vacation, and letting it go.

  2. #12
    Senior Member
    Join Date
    Dec 2010
    Location
    Price County, WI
    Posts
    677
    If my household was receiving no paychecks for August and September, I would plan to save for the spending in those 2 months during the other 10 months. Getting a gig for those 2 months obviously would help a lot!


    I took a look at Bankrate, and I see there are on-line banks which are FDIC insured and competitive with the APY they pay on Savings or Money Market Accounts. For example,

    CIT Bank Money Market Account, 1.85% APY, $100 minimum, access via "People Pay".

    Sallie Mae Money Market Account, 1.75% APY, zero minimum, able to write checks.

    Marcus (brand name of Goldman Sachs Bank) Savings, 1.7% APY, $1 minimum, accessible by online transfers to/from your account at another bank.


    I agree with the observation that having the savings in August and September would reduce (maybe even eliminate) the need to borrow (credit card being a high-cost, high convenience source of credit).


    In general, I would prioritize reduction of loan balances before building a cash reserve, unless the cash reserve is highly likely to prevent added borrowing... as in the case of a seasonal "dry spell" for paychecks.


    Kudos on making progress in reducing your loan balances... and thanks for being a teacher.

  3. #13
    Senior Member
    Join Date
    Dec 2010
    Posts
    1,726
    Quote Originally Posted by Chicken lady View Post
    Nice job!

    i forgot all about the thread. I am doing really well on my car loan. Currently it looks like I will have it paid off by Valentine’s Day.

    i was kicking myself because we went on vacation and I forgot to pay my cc on time. This is the first time that has ever happened to me. EVER. And it only cost me $7. So, while it was a wasted $7, i’m just looking at it as part of the cost of relaxing and not worrying about stuff on vacation, and letting it go.

    Call them and ask the charge be removed.

  4. #14
    Senior Member
    Join Date
    Feb 2015
    Posts
    3,197
    I’m not sure the time and hassle is worth $7. Also - I was late. I went on vacation. I forgot. I see no part of that that isn’t my fault. The terms of the cc were clear and I agreed to them.

  5. #15
    Senior Member
    Join Date
    Jan 2011
    Posts
    1,711
    They will often let it go, but deciding if it's worth $7 is a factor.

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