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What is the wise thing to do with extra money?
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<blockquote data-quote="Mikey" data-source="post: 144314" data-attributes="member: 3579"><p>tinamarie, you're going to get a lot of different answers, so I'll throw in my two cents.</p><p></p><p>If you have a lot of different debts, I'd look to pay at least one of them off. After years of playing the "shift the CC debt to a lower rate" game, that the <em>minimum payment</em> on multiple cards is still extremely high. Eliminating just one such source of debt can dramatically free up some of your cash flow.</p><p></p><p>Additionally, I'm a big believer in credit unions. While the best rate I can get for one of the "rewards cards" is 13.5%, my credit union is offering 2.9 on transfers (without fees), and then a constant rate of 8.9. </p><p></p><p>My personal plan is to carry two cards: one platinum/signature card with a high limit (for <strong>real</strong> emergencies), and then a card with my credit union with a very low limit for daily expenses. The only reason I do that is that I've become addicted to the convenience of plastic, and hate writing checks. I even hate the extra time it takes to type in my PIN for debit cards. On my new card, the limit will be what I KNOW I can pay off at the end of the month.</p><p></p><p>But, to get there, I need to start eliminating the many sources of debt I have, each with their own high minimum payment. So, If I were you, I'd try to whack one source of debt, then shut it down. That may not be the best thing for you, but that's what <em>I'd</em> do, and you asked <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile :)" loading="lazy" data-shortname=":)" /> .</p><p></p><p>Mikey</p></blockquote><p></p>
[QUOTE="Mikey, post: 144314, member: 3579"] tinamarie, you're going to get a lot of different answers, so I'll throw in my two cents. If you have a lot of different debts, I'd look to pay at least one of them off. After years of playing the "shift the CC debt to a lower rate" game, that the [I]minimum payment[/I] on multiple cards is still extremely high. Eliminating just one such source of debt can dramatically free up some of your cash flow. Additionally, I'm a big believer in credit unions. While the best rate I can get for one of the "rewards cards" is 13.5%, my credit union is offering 2.9 on transfers (without fees), and then a constant rate of 8.9. My personal plan is to carry two cards: one platinum/signature card with a high limit (for [B]real[/B] emergencies), and then a card with my credit union with a very low limit for daily expenses. The only reason I do that is that I've become addicted to the convenience of plastic, and hate writing checks. I even hate the extra time it takes to type in my PIN for debit cards. On my new card, the limit will be what I KNOW I can pay off at the end of the month. But, to get there, I need to start eliminating the many sources of debt I have, each with their own high minimum payment. So, If I were you, I'd try to whack one source of debt, then shut it down. That may not be the best thing for you, but that's what [I]I'd[/I] do, and you asked :) . Mikey [/QUOTE]
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