Personal Finance Major life changes have trapped me in an expensive situation |
- Major life changes have trapped me in an expensive situation
- House Poor - suggestions?
- Can I reject an internship offer after I have accepted it?
- Medical bills questions for parent
- Jared’s Jewelers opened a line of credit in my name when “Just checking if I’d be approved” US AZ
- Got offered pension buyout. Must choose between $63k or $1300 per month @ 60(20 yrs away)
- Job overpaid me $400.00+. Now they want it back.
- My hours are slowly diminishing and I found out that I'm getting paid the least out of everyone
- How to invest extra income from new job
- Are solar panels worth it?
- Should I start putting money in to anything OTHER than my 401k
- How do I correctly rollover Fidelity traditional 401K to Vanguard Roth IRA?
- Is it worth getting a 4 year degree if you don't want a lifelong career/job? How possible is it to be able to live off rental income after working a decent paying job for several years?
- Always using Credit Card instead of Debit to take advantage of "rewards"
- Irresponsible mom, and my savings account.
- My sister's student loan says it was paid off in full? Her credit karma says she has no open loans.
- Best for Checking/Savings Accounts?
- Credit Card Security (Advice Needed)
- Is investing in an S&P index fund right now a bad move?
- Reading Rich Dad Poor Dad. How to develop assets as a twenty-something with not tons of money
- Can I have my bank stop making monthly payments for a product?
- I hate the "put everything on your credit card" advice.
- Maxing the 401K
- Using a HELOC to pay off credit card in my situation
| Major life changes have trapped me in an expensive situation Posted: 19 Oct 2019 10:26 AM PDT Hi, everyone. I'm 31 years old, got divorced about a year ago, and have been working full time for eight years — but I've been laid off five times since I finished college. I have a basic understanding of personal finance and am aware that I spend way too much money on student loan payments and my car, but I'm not sure how to fix that. Let me explain. Income: Well, I was making $4,833 a month until I got laid off in September. Right now I'm collecting severance in that amount and I have at least one job offer for $5,000 a month. So let's assume I'll continue operating with similar income. I live in an expensive east coast city (relocated here six months ago for the job that laid me off). Rent: I pay $840/month for a room in a shared house in a relatively inexpensive part of the city. I signed a 12-month lease in September. The car thing: I lease an SUV for $365/month. Insurance is $165/month. This made sense 18 months ago when I was living in a smallish city where a car was absolutely necessary to get around. At the time, I was married to someone making about as much money as I was and we chose an SUV because my ex-husband is a huge dude who literally could not fit comfortably into a smaller car — plus we had a dog and took a lot of road trips. Now, I'm divorced and living in a big city where I absolutely do not need a car, and certainly not an SUV. However, I have also been in a couple of minor accidents since moving, which means I can't trade the car in or have someone take over my lease until I get that damage fixed. The work is estimated to cost $1000 or so — I simply don't have it, even though I'm aware that I spend half that on the car each and every month. (Fortunately, I guess, I use very little gas and do not have to pay for parking.) About the loans: I owe about $84k from a combination of federal and private loans. My monthly payments add up to $993/month. A lot of this debt comes from the $44k I owe to a predatory private lender, at 7% interest. That payment alone is $482 per month. Oh, and credit card debt: I have about $11785 in credit card debt. Much of that stems from supporting myself and my ex during times of unemployment or underemployment. I try to pay more than the minimum payment but often end up using the cards for groceries or medical bills between paychecks. So that number has obviously been slow to shrink. So, how do I get myself out of this situation? The most obvious things (get rid of the car, move to a cheaper city or get a cheaper apartment) are not options right now. I'm hoping there's something else I'm missing because I'm in a dire situation here even though I'm making decent money. Thanks in advance for any help. EDIT TO ADD MORE INFO: I've worked on reducing some variable expenses, and I think the situation will look better six months from now: - obviously bringing restaurant and bar spending close to about 0 - spending less on Ubers (easy to do since I moved closer to public transportation and the weather has cooled off — my Uber spending got really high some months) - I'm about to hit my health insurance deductible, which means I can stop paying $320/month for medication - dropped my therapy from a $196/month plan to a $49/month plan - I pay $275/month to see an out-of-network psychiatrist but that will soon switch to every three months - switched my hairstyle to something lower maintenance (had been spending a lot on blonde balayage, but now it's back to my natural brown color so now I just have to pay for haircuts, not color) - also knocked down my rent from $1000 in May to $900 in June-August to now $840 and as of August I'm no longer paying a share of the rent ($300) in the city I lived in before I moved out here AND ADDITIONAL INFO Those income numbers are pre-tax. My actual take-home has been about $1400 every two weeks, but that includes deductions like health insurance, FSA contribution, and public transit benefits. So the top priority is credit cards. Got it. That should have been obvious but I guess I was in denial, idk.
ONE MORE EDIT: Can someone talk to be about my options for refinancing private student loans of SoFi has already turned me down? My credit and payment history aren't good enough for SoFi and I'm worried they're not good enough for anyone. [link] [comments]  |
| Posted: 19 Oct 2019 10:29 AM PDT I have lived in my home since 2001. When the home was purchased the first time, I was married and we had two incomes. We were separated (and then divorced) in 2011; in 2012 I refinanced the house in my name, pulling some money out of equity to pay out his share of the divorce settlement. Since then, the house has had about a $300000 rise in equity - it is far and away my biggest asset, and has been a great investment. My 30 year mortgage has a 3.7% interest rate. However, I'm a public school teacher and a single mom, and the house eats up the vast majority of my income. I love my home, and it's the only home my teen daughter has ever known and we love the community/location as much or more than the home itself. It's bigger than we need, but it's not a fancy house. (Formica counters, not granite, etc. It's not grand in any way, but it is a solid, comfortable, cozy place to live.) My mortgage is about $2000, plus $300 in a HELOC that I took out to do necessary home repairs (there was a sewer problem/flood last year - yuck!). My utilities (water/garbage/sewer/gas/electricity) run about $300/month, so before repairs or maintenance I spend about $2600/month of my take home salary of about $5000 (using round numbers for all). I don't want to move, and worry about how this investment is my best/biggest, and how I've earned so much equity over the years (Seattle's crazy real estate market) and if I sell I start losing that; plus the costs to move/realtor fees/etc are so high that it feels like giving away that hard earned equity if I move. I would love to stay here until I'm "old" (I'm 50 now) and then eventually sell to get a condo or something when I can no longer do the work of maintaining my home or the stairs are too much or something (hopefully many years from now!). I've toughed it out this far: I pay all my bills on time, and I have auto withdrawals for retirement (not included in the take home figure I gave). It's just so hard to save or get ahead when so much of my income is going to the house! I debate all the time, and that's my question here: Is it better to be house poor but keep building equity in my much loved home, or to sell and downsize into something more affordable? Thoughts? EDIT: Thank you to everyone who chimed in! It was interesting to see the various perspectives, and to evaluate my own responses to them (note: I am more emotional about holding on to my house than I thought I was....interesting!). Right now, I'm going to stay here and stay house poor. If my circumstances change in some way, I can change my thinking. I think that I will browse real estate listings to see if there is anything interesting that rises up, and I'll reconsider bringing in a roommate, as ways of bringing in extra money. As a teacher, I could also look at doing a summer job (summer school maybe) to bring in extra income, and manage my cash crunch that way. I've been surviving on this income (or less, I get annual raises) for some time now, so I know I can keep going, and if I'm going to overspend my money I'm glad I'm doing it on the house and not frivolous items with no real value, so at least there's that. For now, I'll stay put, and see if I can keep looking at alternatives to see if something appealing comes up. Thanks all for your input! EDIT 2: I really appreciate the many people who chose to take the time to respond to my questions with their experiences, thoughts, and input. Thank you! I need to step away from this post to do some chores so I may not be able to respond to additional follow ups, but please know that I appreciate your time and consideration in offering me answers to my question. Thank you again. I will also say this: reading all of the responses revealed the truth of how I feel, as far from feeling conflicted I realized that though I know that I'm house poor, I think it's a choice that isn't necessarily a bad one. My deep roots in my community, the stability that I have been able to give my daughter, and my sense of "home" are all immeasurable wealth, and while it's not right for everyone I think it does work for me. I get annual raises so every year is a little bit better. Also, the craziness that is the Seattle real estate market (mostly due to high wage high tech workers coming in for Amazon) is not likely to fade any time soon, so I think the longer I hold on, the better off I will be. Not everyone will agree with me of course, and I did hear the other side, but this is where I am for now. Thanks again, everyone. Over and out! [link] [comments]  |
| Can I reject an internship offer after I have accepted it? Posted: 19 Oct 2019 07:48 AM PDT I have applied for several internships over the course of a month. If a company offers one to me, I would assume that I have a limited time to accept their offer. What if I accept their offer, and then am offered a more desirable internship? Could I just call them and say I no longer want to work for them? Thanks! [link] [comments]  |
| Medical bills questions for parent Posted: 19 Oct 2019 10:59 AM PDT Hello, it sucks that I have to write this, but I need a good, clear answer to my questions. My father has had 4 heart attacks now, his medical bills are piling up and last I saw they were in the $200,000 range. He's back in the hospital after his last attack, yesterday. My mother and I have begun discussions about what would happen if he did die very soon. My father is not a "normal" or regular US citizen. He hasn't paid taxes nor has he had an actual "job" for at least the past 12 years. He doesn't even have a valid US license/ID (he doesn't drive at all since he had an accident that scared him to death of ever driving again). He makes money by buying/reselling things at flea markets and swap meets, selling things through OfferUp and such. He also fixes computer stuff sometimes as well. He works a lot and makes enough to make ends meet and more, he likes it and doesn't want to get a "real job" (like with paychecks and companies etc). As such he doesn't have anything to his name, really. My mom however, owns a house. All of it under her name. She has never signed anything related to medical bills for him. She pays her taxes, has a job and everything. What I would like to know is, what happens if he dies? Will my mom or I inherit his debts? We live in Florida if that helps. Edit: Thank you everyone for the help. I greatly appreciate all of it. I will be looking to see if I can get a consultation with an attorney soon. My father's feeling somewhat better now but they will have him on bed rest for the next couple of days at least. [link] [comments]  |
| Jared’s Jewelers opened a line of credit in my name when “Just checking if I’d be approved” US AZ Posted: 19 Oct 2019 06:42 PM PDT I was recently ring shopping because I just got engaged and I looked at Jared's (Ended up shopping local for much cheaper). The guy there asked to run my credit just to see what I could afford if I chose to finance. Even though I really didn't want to I was stupid and let him. He said I would be approved for up to $5000 if I chose to. I told him I would shop around and think about it. A month later I get notified that a $5000 line of credit was opened (Did I approve this by just looking? I never signed anything) Do I need to close this account? I am 100% sure I'll never shop there as I hated their customer service. [link] [comments]  |
| Got offered pension buyout. Must choose between $63k or $1300 per month @ 60(20 yrs away) Posted: 19 Oct 2019 12:18 PM PDT I formerly worked for a company that is trying to trim pension costs. This pension is no longer growing. In 20 years at 60 years, I can receive $1300 per month or I can receive a lump sum now for $63000. If I were to take the lump sum, the taxation would probably leave me with around $40k. I have various mortgages and student loans I could apply this to. I have a commercial property I'm trying to renovate, that will probably require me to refinance the mortage on. I believe there's a way to roll this over to an IRA without the heavy tax penalties. So it seems I have 3 options; Wait for it as pension payments, roll it to some other long term retirment option, or use it to save on interest payments now. Do I need to add any other details? [link] [comments]  |
| Job overpaid me $400.00+. Now they want it back. Posted: 18 Oct 2019 02:38 PM PDT So I was pulled into the office yesterday and informed that on my last paycheck someone entered the wrong code into payroll and I accidentally got overpaid $400.00+. They stated that they needed to get the money back (I wasnt aware that I was overpaid. I assumed it was due to all the OT that I had that month) and that I could write them a check or they could take it out of my next paycheck. A couple things,
Everyone of these people approved my timecard and then I was paid. Now they suddenly found the mistake and want the money back. Do I have any other options here? Or will I just have to suck it up and have a smaller paycheck next month. If it helps I work in Wyoming. Thanks. Edit. Thanks for all the help guys. Appreciate it! Edit 2. I wasnt aware I was overpaid. I get paid monthly over a 28 day period. Schedule is different every month and with how the month works out and/or with OT $400.00 difference in paychecks is very normal. Edit #3. I made the first edit when this had 15 upvotes. Thanks I guess? To answer a lot of the questions. Yes I live paycheck to paycheck. Yes it sucks. Yes we are working on it and trying to save up. We also decided to take it out of the next paycheck. No big deal we will figure it out like we always do. I should have plenty of OT to make up for it anyway. [link] [comments]  |
| My hours are slowly diminishing and I found out that I'm getting paid the least out of everyone Posted: 19 Oct 2019 06:19 AM PDT So like the title says my hours are getting shorter and shorter, this is partially due to having more new hires and perhaps due to my manager being possibly upset with me calling in ONE time. Also the other day at work, the new hires slipped and told me that they were started and is currently paid at a higher rate than I. Is it alright to confront my manager about this? And how would I go about it? edit: Thought I should add more information. I work at a fast food place. I started working around 2 months ago, so it's far too soon to ask for a raise. The new hires have no more experience than I do, so it doesnt make sense to why they started higher than I have. anyways, thanks for the advice so far [link] [comments]  |
| How to invest extra income from new job Posted: 19 Oct 2019 09:41 AM PDT Need some advice -- I got a new higher-paying job earlier this year and am trying to fight lifestyle creep. Also, we expect to relocate so that I can take a lower-paying (dream) job in the next 6-12 months, and we will not have extra income at that point. We now have about $2,500 disposable income remaining each month after paying all expenses and maxing out savings for HSA, 401(k), and Roth IRAs. The only debt is a $55k mortgage at 3.7% and a $20k car loan at 0%. We have about $60,000 in cash savings, $35,000 of which is an emergency fund, $10,000 is a vacation fund (we want to do a blowout family vacation before I start the new job), and $15,000 is just accumulating while we figure out what to do with it. Things we could do with the money -- Continue to hold the money in a savings account paying 0.8%, especially since this high income is temporary Pay down our $55,000 mortgage which is fixed at 3.7% (if it matters, we intend to sell the house when we move) Pay off a $20,000 car loan that is 0% interest (feels like a waste to do this) Save $8,000/year in our kids' 529 educational savings accounts (I'm torn on whether this is a good investment -- it doesn't seem like a good rate of return in my state) Open a taxable brokerage account - honestly I would be nervous having the money exposed to much risk of loss. Give more money to causes/non-profits that we support I like having a lot of liquid assets because I'm afraid the economy is going to tank, but I know we could get a guaranteed 3% better return by paying down the mortgage. [link] [comments]  |
| Posted: 19 Oct 2019 06:52 PM PDT Currently paying roughly $200/month for PG&E. solar panels are roughly $15,000 after tax credits paid over 20 years at 4% APR that is $90/month over 20 years, that equals roughly $21,000 Is this a good deal? It seems like it will be since it is lower than the cost of my current energy bill ($90 vs $200), and my energy bill will be $0 after 20 years. Am I missing something? [link] [comments]  |
| Should I start putting money in to anything OTHER than my 401k Posted: 19 Oct 2019 10:09 AM PDT I read the wiki but perhaps im having a hard time understanding what I should be doing. Please stick with me. At my current company they match 100% up to 3% contribution and another 50% up to 6% so I currently invest the capped 6%. I got a late start to retirement savings because i was a dumb kid, im currently 33 years old. Im trying to decide whether I should up my 401k contributions so I invest closer to the max $19k yearly with no added free money from my employer or if I should do an IRA with the maximum $6k yearly. I just dont know much about investing and what would yield the best results. I could keep writing more information but I feel like I would be overloading this post. I appreciate those of you that read this and welcome any input and will answer questions that you may have. [link] [comments]  |
| How do I correctly rollover Fidelity traditional 401K to Vanguard Roth IRA? Posted: 19 Oct 2019 04:07 PM PDT I started my first job at the beginning of the year, first as a contractor for a private company and then as an actual employee the public organization I was working at as a contractor. I did not anticipate this change so I set up a traditional 401K once I became eligible and made about three months of contributions before the change occurred. The 401K is with Fidelity. I now have a 457 with the public organization, but it isn't really relevant to this question. I want to rollover the traditional 401K to a Vanguard Roth IRA. I believe this is considered a "taxable event" and I'm prepared to pay tax, but I want to avoid paying a penalty. Not sure if that could be a thing, but I just want to go about this the right way and would appreciate advice or a step by step. Thanks in advance! [link] [comments]  |
| Posted: 19 Oct 2019 05:54 PM PDT I'm in college now, ill be halfway done with my associates at the end of this semester. I don't want to build up a big career at company for several decades and make nice six figs. I just want to be in a good job/field that pays pretty good that I can tolerate getting up and doing for several years. This job would fund real estate and other investments. I frequently read that college is only really worth it if you're pursuing some kind of S.T.E.M. degree or shooting for six figures. I would like to be able to get into house flipping and kind of have my own small business with that to help fund the rental property investing while I'm also working my day job. Hopefully I can eventually stop working my day job to pursue the flipping thing more full time, and eventually retire off rentals and other investments. I'm looking at a 2 year Information Technology A.A.S. degree that I can get faster, cheaper, and easier than a bachelors in a difficult S.T.E.M. field. Sure it won't make the big fat $100,000 mark everyone drools over, but is that actually even necessary at all? I'm hoping for 50k-70k after a year or two of experience. OR just finish out an easier, cheaper, and lesser paying degree like Business Admin or Finance. Anyways lay it down on me folks. How soon can I invest and retire on less than six figs? also looking at buying a small multifamily property and renting out the units I'm not in. I think this will help me save and invest into my future/business. [link] [comments]  |
| Always using Credit Card instead of Debit to take advantage of "rewards" Posted: 19 Oct 2019 01:48 PM PDT I always use my credit card for online purchases (amazon, paying rent, etc) but in person always use debit card. Mainly because rent accounts for hundreds every month, I'm frequently getting $20-50 every month or two. Should I just be using my credit card for everything? to take advantage of that and basically getting 2-3x that amount? I pay off everything as is now within a week (the amount of time it takes for the statement to successfully get past "pending" so i can pay it) [link] [comments]  |
| Irresponsible mom, and my savings account. Posted: 19 Oct 2019 06:00 PM PDT n April of this year I got my first job. I was making good money and was getting a lot of hours (anywhere from 4-12). This has allowed me to have a lot of financial freedom. I am currently with key bank which I really love. I have a key for kids savings account and a student checking in the savings account I have about 2k and in my checking varies but is normally about $500. In the last few months my mom has decided that she can borrow money from my account with no notice. She has cleared my savings and most of my checking and I normally dont find out until i check my account and see that there is significantly less money than last time I checked, or my card is declined when I'm out. I have talked to her and asked her to simply just mention it to me and she can borrow money and she promised to do so. Unfortunately shes only asked once or twice and has borrowed many other times with out even mentioning it to me. Are there any accounts that I can open my self or one's that she cant access with out my permission? I really am tired of this bullshit and want it resolved because it drives me insane especially because I really make a conscious effort to spend responsibly but it's hard to do when someone else is spending your money. Any advice would be greatly appreciated! Tl;dr mom spends my hard earned money. currently out 2 grand. Need a solution. [link] [comments]  |
| My sister's student loan says it was paid off in full? Her credit karma says she has no open loans. Posted: 19 Oct 2019 12:09 PM PDT She had the loan on hold for years. This is the first time she has checked out in many months. It says on 5/7 the account received a payment of $18,783. She said her credit karma says she has no student loans. She has no clue where to find out if it was transferred to a collection agency. What should she do? Where can she find collections against her? She is wanting to start working if getting her credit good now that she is in a good place financially. [link] [comments]  |
| Best for Checking/Savings Accounts? Posted: 19 Oct 2019 04:58 PM PDT I currently use Ally but have been intrigued by both Capital One 360 and Citibank accounts who, at least right now, offer higher APY for the savings (1.80% vs. 1.90% vs. 2.05%, respectively). I really like the idea of keeping everything in one company because of the ease of transferring money between accounts. What are people's experiences with either of these two options? I have enough in my accounts that the fees for Citi would be waived and I'd be able to collect rewards points from them just for banking with them, so I'm currently leaning towards them. Basically, does anyone have good/bad stories about these two that I should consider? [link] [comments]  |
| Credit Card Security (Advice Needed) Posted: 19 Oct 2019 03:45 PM PDT I have a credit card through Alliant (my credit union). I love the card, but I've had fraudulent transactions on my card 3 times in the past 6 months. This seems a little excessive. I've become very cautious with how I use the card. I only use it on a handful of websites (all big websites such as Amazon). And when I have to do an in-person transactions, I pretty much exclusively use the card through Apple Pay (this includes using Apple Pay to pay for gas - I know that's a common situation for card skimmers). However, I've still run into issues with fraud. For each instance of fraud, Alliant has done a wonderful job of handling the situation. I'm very impressed with them in that regard. However, I'm still concerned that the fraud has happened so frequently. Especially considering that they issued a new card after each instance of fraud. I might be grasping at straws here, but is there something about Alliant that makes their card info easier to steal than another credit card company? Or did anything that I mentioned above set off any red flags in terms of how I'm using the card? I would appreciate your input! [link] [comments]  |
| Is investing in an S&P index fund right now a bad move? Posted: 19 Oct 2019 06:12 PM PDT Been hearing a lot of talk about potential recession on the horizon. I'm 26 and trying to just get started w/ finance and investing. Is there something better that I should be putting my cash into at this point? [link] [comments]  |
| Reading Rich Dad Poor Dad. How to develop assets as a twenty-something with not tons of money Posted: 19 Oct 2019 05:46 PM PDT I'm 26 right now. I am reading Rich Dad Poor Dad but am having a bit of a hard time trying to find ways to invest in income-generating assets. I just set up an investment account and Roth IRA in Charles Schwab and plan on putting $300/month in each going to an S&P index fund. What are other ways you can start building real assets at my age when you don't have much money yet? I make $63k/yr, am single and have fairly cheap rent of $810/month. Ideas would be awesome! [link] [comments]  |
| Can I have my bank stop making monthly payments for a product? Posted: 19 Oct 2019 07:53 PM PDT I signed up for an online course that has 6 monthly payments. I have paid for 3 months so far and I would like to stop paying for the product. I would like to have my bank stop making payments to the company, but I am not sure about the legality of this. Can I do this? [link] [comments]  |
| I hate the "put everything on your credit card" advice. Posted: 19 Oct 2019 07:52 PM PDT I'm not made of money. I have money to pay my bills and all but I'm frugal when it comes to my fixed monthly expenses,l yet have never been good at watching every penny I spend. My credit score is 810 so I'm doing something right, but god damnit. Every single time I try to "put everything on my credit card" ya know, to earn miles, I spend *waaaaaay* more than I should because I see there's still money on my debit card withdraw cash. I don't like budgeting apps because they account for 20% more than what's due so in the end I really can't tell how much money I should actually have left over every month. I looked through the wiki and can't find the spreadsheets I had once saved for later use. Can someone please direct me to them? I've gotten myself $3k into debt that I now have to figure out how to pay it off, and all I got were $48 of rewards points. I could have saved $160 towards an airline ticket by now on my own. Can someone please confirm this is a stupid way to run your finances? Honestly. It takes days for something to show up on my credit card online banking, so even when I think I've paid it off the next day there's $400 on there. This past month was a bit hectic which led to the $3k but if I hadn't had the "just put in on the card" mentality I would have been much more careful. [link] [comments]  |
| Posted: 19 Oct 2019 11:29 AM PDT Can I deposit money from my savings into my 401K? Or does it have to be through my monthly checks? Reason I ask is, after I've maxed my IRA and got my employer contribution, the only way I could possibly max my 401K is if I'm willing to take home unsustainable amounts of money to live off of. I guess my question is, can I max my 401K with a 55K salary in a MCOL city? What are you doing with your saved money if already maxed your Roth and contributing to 401K? Should I just continue to increase the contribution until I have just enough to live but not enough to put money into my savings? Assuming I've already built an emergency fund. [link] [comments]  |
| Using a HELOC to pay off credit card in my situation Posted: 19 Oct 2019 05:23 PM PDT I have read several posts about this, but their situations are all slightly different from mine, so I thought I would ask my own questions. I'm going through a divorce (have kids, but no alimony or child support) and refinancing my house to buy my wife out of her share of the equity. This will raise my mortgage ~$190 a month which is well within budget. I am going to open a HELOC (5%) so I have funds available for home repairs if ever needed and cash isn't an option. I have about $10k in credit card debt left (@12.66%) that I have been whacking away at by paying double the minimum or more for the last couple years. I still have the card for emergencies, but have not added to the balance in several years. Running a calculation at my current pace, I have about 29 months left before it's paid off at an interest cost of $1,800.00. Paying it off with the HELOC and making the same payments pays it off in 26 months and saves over $1,200 in interest. I understand the home collateral argument of not using a HELOC, but in reality the minimum payment required on it is small (1/4 that of the credit card). My thinking is that if something bad happens (like a job loss) and I can't cover the HELOC minimum, I probably cant make the mortgage payment either and I'm out of the house anyway. It seems that I should move the debt and take the interest savings to help pay it off quicker, but am I missing something? TIA [link] [comments]  |
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