Alright money geeks

[ashbeeigh]

I'm going to get a good $2500 back from my taxes this year (most is an education credit). My question is do I pay off some of a credit card or do I pay down one of my student loans? Half of this is going to go to go to some licensing study guides and testing (for social work) so I'll have like $1500 left. The student loan is like $9000 and has an interest rate of 5% while the credit card has a balance of about $3,000 and has an apr of something like 14% (it was my first credit card). Which one do I use that extra $1500 on? I feel like perhaps the higher interest rate one may be the best option, but i'm not 100% sure.

[DMC]

Credit card and then cut it up. Is this really even questionable? You're paying the same amount off, so 14% you'll save if 2500 is better than 5% you'll save, unless you're just paying on the interest on the loan but still... pay the higher percentage debts.

[SnakeBoy]

Get rid of the credit card debt first as long as you are sure you are not going to run it back up. If you don't trust yourself not to do that then put it towards the student loan.

[Koolaid_Man]

I'm going to get a good $2500 back from my taxes this year (most is an education credit). My question is do I pay off some of a credit card or do I pay down one of my student loans? Half of this is going to go to go to some licensing study guides and testing (for social work) so I'll have like $1500 left. The student loan is like $9000 and has an interest rate of 5% while the credit card has a balance of about $3,000 and has an apr of something like 14% (it was my first credit card). Which one do I use that extra $1500 on? I feel like perhaps the higher interest rate one may be the best option, but i'm not 100% sure.


you've essentially answered your own question...since credit card debt is considered bad debt the best thing to do is pay it off as quickly as possible...always pay off the higher interest loan first.... student loans are considered installment loans by the CC agencies which means they won’t impact your score as much as credit card debt and if you choose to defer or put your loan into forbearance it won't hurt your credit score... When you pay off a student loan early they are missing out on the interest and your credit score may go down slightly if this is the only installment loan you have on your debt profile.... :hat

[Koolaid_Man]

Credit card and then cut it up. Is this really even questionable? You're paying the same amount off, so 14% you'll save if 2500 is better than 5% you'll save, unless you're just paying on the interest on the loan but still... pay the higher percentage debts.

keep talking shit and Imma put them hands on you :lmao

[Rogue]

fuck student loan imho. my nigga Jacob has been working for more than 8 years after graduation and he still owes money to the back in the form of "student loan". I think it's not just the higher interest rate that prioritizes the credit card over student loan, but also the fact that most credit card issuers are a bunch of assholes who would intentionally fuck up your credit record for fun. It's your first credit card so you better be careful with it, tbh.

[Wild Cobra]

Pay most or all you can to which ever has the highest interest rate, which is probably the credit card.

Don't cut up the card, but stop spending with it except a real emergency. Will you have the cash if you need your car towed to a shop and repaired? If not, a perfect use for a credit card. Just one example for emergency usage.

Some people say you should keep at least $1,000 in a savings account for emergencies. Different people claim different values.

[Koolaid_Man]

Pay most or all you can to which ever has the highest interest rate, which is probably the credit card.

Don't cut up the card, but stop spending with it except a real emergency. Will you have the cash if you need your car towed to a shop and repaired? If not, a perfect use for a credit card. Just one example for emergency usage.

Some people say you should keep at least $1,000 in a savings account for emergencies. Different people claim different values.

^ :lmao only if you're a redneck...:lmao just what the fuck is $1000 gonna do in an emergency....hell that will barely pay for a decent blow job....:lmaoWild Cobra with the poor man's bads

[ashbeeigh]

Fabulous. That was what I was thinking. I just needed to have it confirmed. And the student loans will be there for quite some time thanks to going to a USC for my masters.

I've got $2300 in savings right now. On my itty bitty salary I'm happy with that amount.

[SnakeBoy]

Some people say you should keep at least $1,000 in a savings account for emergencies. Different people claim different values.

Never heard the $1000 figure. Usually 3-6 months salary is recommended.

But it is a good point to bring up for Ashbeeigh. You should always build a reasonable emergency fund before trying to become debt free.

[CosmicCowboy]

I'm going to get a good $2500 back from my taxes this year (most is an education credit). My question is do I pay off some of a credit card or do I pay down one of my student loans? Half of this is going to go to go to some licensing study guides and testing (for social work) so I'll have like $1500 left. The student loan is like $9000 and has an interest rate of 5% while the credit card has a balance of about $3,000 and has an apr of something like 14% (it was my first credit card). Which one do I use that extra $1500 on? I feel like perhaps the higher interest rate one may be the best option, but i'm not 100% sure.

I started to make a really mean comment about using that study guide money for a simple math course but decided to give it a serious answer instead. The obvious answer is to pay down the 14% credit UNLESS you are living paycheck to paycheck without any padding. At your age credit rating is more important than overall debt. I'd say bank the $1500 to give you padding to make all your payments perfectly on time and then transfer to credit card debt to a lower interest no fee card.

[ashbeeigh]

I started to make a really mean comment about using that study guide money for a simple math course but decided to give it a serious answer instead.

Passing this $400 test (and then the prep stuff that goes up to like $300) could increase my salary by $25,000. So no. But, thank you for holding back a bit.

[CosmicCowboy]

reading further in, $2300 is good but add the $1500 to it. You will be able to weather temporary unemployment if necessary and still maintain perfect credit.

[CosmicCowboy]

I gave you a serious answer Ashbee.

[ashbeeigh]

I gave you a serious answer Ashbee.
You did. Thank you. I appreciate the options that are available.

[ChumpDumper]

Yeah, build up that emergency fund. Now you can put any more money you get from now on to paying down the credit card faster.

[DeadlyDynasty]

Can't believe I'm saying this but I agree with Welfare Cobra...pay off the CC but keep that line of credit open unless you're too impulsive.

[Koolaid_Man]

Yeah, build up that emergency fund. Now you can put any more money you get from now on to paying down the credit card faster.

reading this thread has really opened my eyes to the misfortune of others. I didn't know that saving 1, 2, 3 thousand dollars was considered enough to help you in hard times....wow...maybe it's time I opened my eyes

[DeadlyDynasty]

reading this thread has really opened my eyes to the misfortune of others. I didn't know that saving 1, 2, 3 thousand dollars was considered enough to help you in hard times....wow...maybe it's time I opened my eyes
You don't have to save anything, just ask Cedric Sr when you're in need...shouldn't be that difficult a task since you both live under the same roof.

[Koolaid_Man]

You don't have to save anything, just ask Cedric Sr when you're in need...shouldn't be that difficult a task since you both live under the same roof.

sure brah...:lol

[ChumpDumper]

reading this thread has really opened my eyes to the misfortune of others. I didn't know that saving 1, 2, 3 thousand dollars was considered enough to help you in hard times....wow...maybe it's time I opened my eyes
They can't just ask daddeh for an allowance to pay for tsa's wings and whiskey like you.

[FkLA]

People actually use their income tax returns to pay off debts? I use it to buy me new, shiny things tbh.

[DMC]

Whiskey and Wings... :lmao

[Rogue]

I guess education is not that important to someone who signs his own paychecks but to me and the majority of us, every penny spent on education is a wise investment imho.

[The Reckoning]

credit card. pay off everything else ASAP, but if you have to choose then you can let the student loans sit. i know for my grad loans they cut the interest down, but it was while i was still in school.

[romad_20]

I'm surprised no one has mentioned, you can always deduct student loan interest from your taxable income. Student loans and mortgage should always be your last debts to pay off due to the tax benefits.

[TDMVPDPOY]

I'm surprised no one has mentioned, you can always deduct student loan interest from your taxable income. Student loans and mortgage should always be your last debts to pay off due to the tax benefits.

bolded part only applies if you own an investment property, not the one ur living in...

do you have an offset account?

[ashbeeigh]

I'm surprised no one has mentioned, you can always deduct student loan interest from your taxable income.
Helpful if it's in repayment. :) All my student loans are deferred at the moment.

[Buddy Mignon]

I started to make a really mean comment about using that study guide money for a simple math course but decided to give it a serious answer instead. The obvious answer is to pay down the 14% credit UNLESS you are living paycheck to paycheck without any padding. At your age credit rating is more important than overall debt. I'd say bank the $1500 to give you padding to make all your payments perfectly on time and then transfer to credit card debt to a lower interest no fee card.

Bingo!!! Here is your winner. Ashbeeigh. .. you're not in serious debt, tbh. Call up your cc company and ask them to extend your limit and lower rate... politely. Assuming you have a great track record with them they should be willing to work with you. If not... go directly to your bank... you know... they rich guys you lend your money to and ask them to transfer that debt to a low interest rate no fee card. They should be happy to work with you. Keep that $1500.

Now... if you really want to get savvy. .. find you a sucka... someone like Chumper or DPG and slide him some of that pussy. Once you got his nose wide open just simply ask him to help you pay off your debt. Your timing must be impeccable. .. like after a great blow job.

[hehateme]

People actually use their income tax returns to pay off debts? I use it to buy me new, shiny things tbh.

sup son I didn't know you went hog wild up in the dollar general store after getting your tax returns...what did you get?

[Buddy Mignon]

reading this thread has really opened my eyes to the misfortune of others. I didn't know that saving 1, 2, 3 thousand dollars was considered enough to help you in hard times....wow...maybe it's time I opened my eyes

She makes peanuts... below poverty line if I'm not correct. An extra $1500 goes a long way on her low income. What's shocking here is with all of her schooling she could make more money without going into debt for education.

[ashbeeigh]

She makes peanuts... below poverty line if I'm not correct. An extra $1500 goes a long way on her low income. What's shocking here is with all of her schooling she could make more money without going into debt for education.


which you are. I'm doing okay. With the licensing test I can make enough to live in a swanky loft near the Pearl.

[Koolaid_Man]

She makes peanuts... below poverty line if I'm not correct. An extra $1500 goes a long way on her low income. What's shocking here is with all of her schooling she could make more money without going into debt for education.

True. But i wasnt focused on her i was interested in Wild Cobras comments . Saving 1 grand for emergencies.? Man i blow through 1 grand likes its water. New Kobe sneakers some petro for the ride, and 10 chinese #10 combos and I'm out.

Wild Cobra and Cosmic Queeer must be poor as fuck. Im not making fun of poor people but i am making fun of those two red necks

[ashbeeigh]

True. But i wasnt focused on her i was interested in Wild Cobras comments . Saving 1 grand for emergencies.? Man i blow through 1 grand likes its water. New Kobe sneakers some petro for the ride, and 10 chinese #10 combos and I'm out.


God damnit. I had the best gif for the shoe thing. When I find it I'll post it. But I can get behind shoes. I spend $160 on Asics on the regular. And yes, $1000 isn't a lot but it's some bills for savings. Some is better than none is what I think CC was saying, even if he is a richer.

[Koolaid_Man]

God damnit. I had the best gif for the shoe thing. When I find it I'll post it. But I can get behind shoes. I spend $160 on Asics on the regular. And yes, $1000 isn't a lot but it's some bills for savings. Some is better than none is what I think CC was saying, even if he is a richer.

Asics are good running shoes but i work out in Nikes. I like to dress and look fly when i work out and i cant do that in Asics. :lol

And as for Cosmic that old man ain't got no money. In his mind he does to me he's pea-NUTS

[ashbeeigh]

Asics are good running shoes but i work out in Nikes. I like to dress and look fly when i work out and i cant do that in Asics. :lol



Are you saying I'm not fly? My Gel Kayanos are so fly I'm landing at the finish line. :) Plus if you're only picking your work out shoes based on color instead of fit then that's just silly.

[Koolaid_Man]

Are you saying I'm not fly? My Gel Kayanos are so fly I'm landing at the finish line. :) Plus if you're only picking your work out shoes based on color instead of fit then that's just silly.

No. As a man I'm saying there's no way I could look fly in Asics. I think women can pull it off especially if they're hot and especially if they wear pink. The only way I'm wearing Asics is if no one is watching. For you though all you need to be fly are those nice yoga sweat pants and you have our attention. Lol

[DeadlyDynasty]

Can't wait to see this future failed PM exchange:lol

[CosmicCowboy]

and the cyberstalking begins.

[CosmicCowboy]

Ash, post a pic of the next pair of workout shoes you want and see if Richy Rich will buy them for you...

[Sportcamper]

Kool you are way over the top on this one….Cobra & Cosmic were being helpful & just pointing out the advantages of having a few extra dollars in the bank…

[CosmicCowboy]

Ash, post a pic of the next pair of workout shoes you want and see if Richy Rich will buy them for you...

LOL, Kool ran like a scared little bitch.

C'mon Bling...buy Ashbee some workout shoes. It's just pocket change for you...maybe she will even return your PM's....

[Koolaid_Man]

Kool you are way over the top on this one….Cobra & Cosmic were being helpful & just pointing out the advantages of having a few extra dollars in the bank…

And racist soldiers die for this country everyday doesnt mean i have to honor their service. Just like republucans dont honor the military service of gays.

[Koolaid_Man]

LOL, Kool ran like a scared little bitch.

C'mon Bling...buy Ashbee some workout shoes. It's just pocket change for you...maybe she will even return your PM's....

You clowns are hilarious. She says one thing to me and yall seething with jealousy...I'm not trying to hit on her if it makes you feel better. It does show though how lame and jealous you frost kings can get.

And yes I could buy her any pair of shoes she wanted doesnt mean I will.

[ashbeeigh]

my black yoga pants fit in all the right places and my fancy pink asics get me to finish a half marathon in 2:40. So. woop woop. Although now that y'all are talking about it I should really take some of that tax return money and buy a new pair.

[Koolaid_Man]

my black yoga pants fit in all the right places and my fancy pink asics get me to finish a half marathon in 2:40. So. woop woop. Although now that y'all are talking about it I should really take some of that tax return money and buy a new pair.

Lol. All the right places huh...you need to quit. Lol. 2:40 marathon? Really no way i could keep up with you in any capacity...doesnt mean i wouldnt have fun trying. :hat

[ashbeeigh]

Lol. All the right places huh...you need to quit. Lol. 2:40 marathon? Really no way i could keep up with you in any capacity...doesnt mean i wouldnt have fun trying. :hat

Half marathon. A full would be like 6 hours which is like damn near dead last.

[CuckingFunt]

Can't wait to see this future failed PM exchange:lol

Beware the italics.

[CosmicCowboy]

Beware the italics.

You know it's cumming.

[FkLA]

sup son I didn't know you went hog wild up in the dollar general store after getting your tax returns...what did you get?

You are one asshurt little scrub, aren't you ?

[Koolaid_Man]

Half marathon. A full would be like 6 hours which is like damn near dead last.

Im not a runner but my cardio is pretty dam good. Women always beat me in long distance runs thats how i know my ancesters arent from Kenya.

[hehateme]

You are one asshurt little scrub, aren't you ?

one reply and that vag is already salty...damn Julio it was only a joke. Just wanted to see what your 25 pesos bought you that's all.

[FkLA]

one reply and that vag is already salty...damn Julio it was only a joke. Just wanted to see what your 25 pesos bought you that's all.

:lol I couldn't care less about your 'burn', little scrub. I'm just pointing out that you've been following me around lately even though half the time I forget who you are.

[FkLA]

BTW how you been ashbeeigh (http://www.spurstalk.com/forums/member.php?u=2511)? Hope you are as classy as ever. A lot of sluts (i.e. maloox) on here so your presence in Da Club is welcomed tbh.

[hehateme]

:lol I couldn't care less about your 'burn', little scrub. I'm just pointing out that you've been following me around lately even though half the time I forget who you are.

that's all fine Julio...hit me up next time you need work and I'm around that home depot near 281 and I'll swing a few pesos your way to feed that football team you call a family again.

[FkLA]

that's all fine Julio...hit me up next time you need work and I'm around that home depot near 281 and I'll swing a few pesos your way to feed that football team you call a family again.

really really sick burn tbh

See you around. I know youll continue to follow me around and have some more sick burns.

[hehateme]

really really sick burn tbh

See you around. I know youll continue to follow me around and have some more sick burns.

I'm sorry I didn't follow in your footsteps and proceed to call women on a messageboard garden tools...sick burnnn

[FkLA]

smh

[DPG21920]

Kool is such a liar. Dude got excited that he could pay a $50 bet :lol and bragged about it. 1K to Kool is a ton of money. If it's not, then he is the worst person on Earth for not donating $500 to charity to pay off DPG.

[TE]

:lol I couldn't care less about your 'burn', little scrub. I'm just pointing out that you've been following me around lately even though half the time I forget who you are.
:loltbh I've never seen somebody try so hard to go at somebody in the forum

[DPG21920]

Ash - just a word of advice: When you get more income coming in, you shouldn't immediately upgrade your living situation (i.e. moving to a swanky loft). There is nothing more important than being debt free. It opens up a world of possibilities. My recommendation would be two things: Pay off your debt as soon as possible. Use your tax return, bonuses & increase in pay to do that. Secondly, while having a few K in savings is a good start, in order to be decently secure the general rule is you would want to have at least 6 months worth of debts (meaning the sum of all your monthly bills) in savings.

Once you have no debt + 6+ months of your monthly bills, you can start to look at moving up a little on other things as long as your bills don't exceed about 50-60% of your monthly income.

Just my 2 cents..

[FkLA]

:loltbh I've never seen somebody try so hard to go at somebody in the forum

:lol Makes me cringe and feel bad for him which is why Im not even bothering with him tbh.

[ashbeeigh]

Ash - just a word of advice: When you get more income coming in, you shouldn't immediately upgrade your living situation (i.e. moving to a swanky loft). There is nothing more important than being debt free. It opens up a world of possibilities. My recommendation would be two things: Pay off your debt as soon as possible. Use your tax return, bonuses & increase in pay to do that. Secondly, while having a few K in savings is a good start, in order to be decently secure the general rule is you would want to have at least 6 months worth of debts (meaning the sum of all your monthly bills) in savings.

Once you have no debt + 6+ months of your monthly bills, you can start to look at moving up a little on other things as long as your bills don't exceed about 50-60% of your monthly income.

Just my 2 cents..

Good advice and I agree. Just because I could move doesn't mean I will. Not to mention moving is a hugeeeee pain.

[CosmicCowboy]

Good advice and I agree. Just because I could move doesn't mean I will. Not to mention moving is a hugeeeee pain.

It is excellent advice. You need cash padding to weather unexpected surprises. Again. At your age CREDIT SCORE is everything even if you are carrying some debt. That is actually a good thing as you get hit for NOT having revolving debt that you pay responsibility. NEVER make a late payment on ANYTHING. If you are already in the high 600s or 700s look at switching your existing card debt to another no fee card that pays you points. You can apply your points to pay your existing balance down faster. My personal favorite is Chase Freedom. Once you pay it down to zero it's money in the bank. I love credit cards. I know we are in different situations but between my Freedom card and my Ink card I make at least an an additional 2K-3K a year in free money

[ashbeeigh]

It is excellent advice. You need cash padding to weather unexpected surprises. Again. At your age CREDIT SCORE is everything even if you are carrying some debt. That is actually a good thing as you get hit for NOT having revolving debt that you pay responsibility. NEVER make a late payment on ANYTHING. If you are already in the high 600s or 700s look at switching your existing card debt to another no fee card that pays you points. You can apply your points to pay your existing balance down faster. My personal favorite is Chase Freedom. Once you pay it down to zero it's money in the bank. I love credit cards. I know we are in different situations but between my Freedom card and my Ink card I make at least an an additional 2K-3K a year in free money

Yep. I agree. I think I'm in the low 600s right now with 3 credits cards, the largest balance is the one I originally mentioned in the original post.

[Koolaid_Man]

Kool is such a liar. Dude got excited that he could pay a $50 bet :lol and bragged about it. 1K to Kool is a ton of money. If it's not, then he is the worst person on Earth for not donating $500 to charity to pay off DPG.

:lol emotions be running high

[DPG21920]

:lol Asking Ash for money subtly. I see you playa. Get that where you can..

[Koolaid_Man]

:lol Asking Ash for money subtly. I see you playa. Get that where you can..

:lol when u gone show that screen shot of the $250 I sent you

[Rogue]

I think being thrifty and being stringent are two different things. As much as I agree with DPG on his money-saving advice, I have to add that you should never scrimp on the food you eat (especially the food for your children who're growing). DPG's parents probably exploited every possibility to save money when he was a child, which unfortunately resulted in their son being deprived of nutrition and growing into a girl's size. DPG's lifelong regret is a strong wakeup call to all the parents who're planning to save money, imho.

[FkLA]

I think being thrifty and being stringent are two different things. As much as I agree with DPG on his money-saving advice, I have to add that you should never scrimp on the food you eat (especially the food for your children who're growing). DPG's parents probably exploited every possibility to save money when he was a child, which unfortunately resulted in their son being deprived of nutrition and growing into a girl's size. DPG's lifelong regret is a strong wakeup call to all the parents who're planning to save money, imho.

:lol

[Spanklin]

3 grand is hardly debt. Pay the minimums and blow your tax return on a nice trip.

[Spur|n|Austin]

I'm surprised no one has mentioned, you can always deduct student loan interest from your taxable income. Student loans and mortgage should always be your last debts to pay off due to the tax benefits.

THIS.

[Spur|n|Austin]

Can't wait to see this future failed PM exchange:lol


and the cyberstalking begins.

I think Ash has missed out on the creepiness KoolAIDs has put on display lately.