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ST-afterdark: I've come into some money, should I apply it to a crazy ass high interest card to pay it off completely, pay down a chunk of the highest

Posted by Qale (aka Qale) Jul 7 '09, 21:13

amount of debt I own that has a little less crazy ass high interest, or get my car down to the point where it only has like 6 payments left instead of 9.

There is also the idea that I could just sit on it. (The money, I mean.)

Responses:

I like ST After Dark!!! I think the high interest :D - congrats on the extra moolah too - did you have a nice 4th - spend it with the new guy? - JenBro Jul 7, 21:32 6
- I had a very nice 6th declaring my independence from bootylessness. (The that's totally a word, isn't it? nt.) -- nm - Qale Jul 7, 21:35 5
  - *head spins* - you lost me - but it sounds good :) -- nm - JenBro Jul 7, 21:38 4
    - Indeeeeeed. -- nm - Qale Jul 7, 21:39 3
      - pfffttt ... either you're being coy or I offended you -- nm - JenBro Jul 7, 21:46 2
        
        I'm not offended at all. - Qale Jul 7, 21:47 1
        
        promise I never hit - even on a full moon :D -- nm - JenBro Jul 7, 21:54
Unless you would save some for peace of mind, pay off the high interest first. -- nm - Ender Jul 7, 21:27 1
- (After the crack and hookers of course.) -- nm - Ender Jul 7, 21:32
VEGAS! -- nm - peglegpete Jul 7, 21:25 1
- Never been. Quick, someone teach me how to play cards. -- nm - Qale Jul 7, 21:32
Dude, keep the money, and transfer your credit card debt to one with 0% interest for a year. -- (link) - Dr.Vermin Jul 7, 21:23 3
- No. That's what got me here to begin with. -- nm - Qale Jul 7, 21:25 2
  - Well, you just gotta keep transferring it around! New card! - Dr.Vermin Jul 7, 21:27 1
    - In the past this has only lead to a creeping terror of debt. This is not going to happen this time. Not even on the table as an option! -- nm - Qale Jul 7, 21:31
Pay off the high interest thing entirely. -- nm - Tim Jul 7, 21:21
Do the first two, but also take a bit of it and do something just for yourself - Drill Chef Stephen Jul 7, 21:18 1
- Tempting, way tempting, but I'm taking the same approach with this as I am with my new relationship, making this time with money different. - Qale Jul 7, 21:24
highest interest rate first. -- nm - loosilu Jul 7, 21:17
pay off the high interest card. Then focus the moneyh you had been using to pay that card off to the high debt -- nm - Remlik Jul 7, 21:16 9
- That doesn't free up really that much, only around 30 a month. The highest total debt one is 70 a month, but I bet the chunk would only pull it down - Qale Jul 7, 21:21 8
  - then put 100% there. -- nm - loosilu Jul 7, 21:22 7
    - There as in highest interest, or there highest total debt and highest monthly annoyance. -- nm - Qale Jul 7, 21:25 6
      - Put 100% toward the highest interest rate. Don't be fooled by monthly payments, that's what got you in trouble in the first place, mst likely. - loosilu Jul 7, 21:27 5
        
        You're actually still combining the two amounts but I get what you're saying. - Qale Jul 7, 21:37 1
        
        ah, sorry, got confused. -- nm - loosilu Jul 7, 21:39
        
        Right, the high interest is costing him more every month that it's there. - Ender Jul 7, 21:30 2
        
        There is the added psychological effect I'll have by having it completely gone too. -- nm - Qale Jul 7, 21:36 1
        
        it is a definite booster. -- nm - b! Jul 7, 21:37
do you have enough to do a little of everything? get the high interest card down to a reasonable monthly payment, put some aside in savings - dug Jul 7, 21:15 2
- That was one option I forgot to list, just push everything down across the board. -- nm - Qale Jul 7, 21:20 1
  - the high interest will cost you money. pay it first. -- nm - loosilu Jul 7, 21:21
highest interest first. -- nm - b! Jul 7, 21:15 8
- addendum. - b! Jul 7, 21:21 7
  - If I followed his plan, sadly, the entirety of the money would go to that baby step 1 and I'd not be able to do anything but keep my head down and - Qale Jul 7, 21:28 2
    - i'm confuzzled. - b! Jul 7, 21:35 1
      - He does, but that's in section 2, after you put away your Murphy Money. -- nm - Qale Jul 7, 21:38
  - you gotta put a little something away for emergencies - 'lia Jul 7, 21:25 3
    - it's extra tricky right now. - b! Jul 7, 21:30 2
      - I keep wishing they could close down this one card, but they don't. -- nm - loosilu Jul 7, 21:34
      - I'm going to pistol whip the next credit card company that pulls shenanigans! -- nm - Qale Jul 7, 21:33

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ST-afterdark: I've come into some money, should I apply it to a crazy ass high interest card to pay it off completely, pay down a chunk of the highest

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