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Moving up from leasing to owning
Topic Started: Feb 6 2008, 02:26 PM (557 Views)
Jersey Fresh
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Off visiting Candy Cave, be right back.
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Kalitude's got a good point. I'd take some of your savings and pay off the CC, as long as you don't drain it all. IF you are paying 10% instrest, you are not making that back on a savings account of say 1-2%. Even a high yield savings wouldnt give you that.

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jn4jenny
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Is the meadow on fire?
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Jersey Fresh
Feb 8 2008, 11:11 AM
Kalitude's got a good point. I'd take some of your savings and pay off the CC, as long as you don't drain it all. IF you are paying 10% instrest, you are not making that back on a savings account of say 1-2%. Even a high yield savings wouldnt give you that.

Agree with others here, but also french_toast, have you called your credit card companies and asked them to lower their interest rates? You'd be surprised how willing they are to do this. Most people just don't bother to ask. They'll even do it for not-so-good customers if you threaten to roll your balance over onto another card from another company.

Pay the credit card bills and pay them now. If you're throwing $1200 a month at your credit cards and it's still going to take you a year to pay them off, I shudder to think how big your debt is--and if the debt is that big, I bet the interest rates are pretty big too! Yipes!
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vxf111
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You're BANNED!
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It makes no sense to have money sitting in a savings account (earning likely less than 3% interest) while you have debt on credit cards at any rate above what you're earning on the savings account. Honestly, I don't know why you'd do that... you're paying dearly for the privilege of having a balance in your savings account-- that's all (unless you anticipate needing the savings for something in the immediate future).
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french_toast
We're on a bridge, Chaaaaaaaaarlie!
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You guys have given me lots to think about! I think the order of the day is to get more financially secure and then start looking :)

Yes, I had financial issues earlier - I had 5-figure debt that is about 75% gone. At the current rate, I will be debt-free this summer! I kick myself all the time when I realize that I could have bought a horse already if I hadn't spent that much. Oh well...at least my financial house is beginning to shape up.
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KaliTude
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Thomas H. Cruise!
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french_toast, I don't want to rain on anyone's parade, I am just saying all the things I wish people had said to me over the years! I am in my late 30s and just now starting to really realize the consequences of my actions. And look around at the financial mess this country is in, from the government down to all the people who have over-extended themselves over the past 10 years! We will all suffer for it.

Like so many have said, it's so easy to get caught up in the moment. I moved my mare into a full training facility last year thinking I could do it, then we needed new appliances, and some other long overdue things done to the house. Before I knew it here I was again with 4k on one credit card and 3.5k on another. I moved my mare at the end of last year and have in 2 months time paid off the 4k, and have nearly all of the other 3.5k in a savings account to pay off the 0% balance before the interest rate balloons. I have also had to re-evaluate a lot of my own goals with my mare for 2008, like going to clinics instead of shows, and maybe even moving her into an even cheaper barn closer to my house (saving me $150 in board and another $150 in GAS!)

At the end of the day you will feel so much "richer" and liberated with the debt gone, and be able to enjoy that horse even more with it not hanging over your head. I don't know how old you are but I wish I got my finances in order in my 20s rather than currently struggling to get my crap together before I hit 40.
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