Is credit card debt okay as long as you pay it off in full every month forever? Are there any downsides to credit card debt if you pay off your balance in full every month for as long as you live? submitted by /u/twright309309

Parents in severe debt My parents owe about $150,000 in CC debt on about 15 different cards. We also have a mortgage on our house of $600,000. Monthly payments for the mortgage and CC is about $10,000. My dad is 67 and is having a hard time finding a job, probably due to age discrimination, but also he is “overqualified” for a lot of jobs since he was a CEO of a small…

Is this too much debt? I’m struggling to come to terms with the amount of debt my fiancé has but idk if it’s a normal amount. He (26m) makes around $70k-70k before bonuses, last time I checked his credit card debt was around 12k-17k. This doesn’t include the two car notes. We currently rent so mortgage isn’t an issue. His credit isn’t great, mine is decent. I make les…

How bad is it to pay off low interest debt? I want to start making additional payments on my mortgage, but everyone acts like it’s the dumbest thing ever. It’s 2.25% about 117k with 13 years left I think. submitted by /u/boybossintech

When exactly IS it a good idea to take out a personal loan to repay cc debt? I know this gets posted a lot but I’ve been putting thought to it. When is the right solution to take out a personal loan? I’m paying off multiple cards now but only get paid once a month. If I can find a loan that has interest less than my total cc interest, do I do it? Obviously shred/ lock the card, maybe even close them when paid off… but…

Debt Consolidation/Personal Loan being denied – Seeking advice on how to proceed Hi, Due to a personal/family/safety matter, I am trying to relocate from my current area (South) back to the Northeast. With my current income and bills that are being paid, I am finding it financially challenging to plan this out, as well as factor in the costs of the move on top of it. My current income is $43,000 with rent totaling around $17…

Pay off debt or stay at minimum payments? Context; (21M) I’m in school about 3 semesters away from graduating with my Bachelor’s of Accounting. I currently have been working more hours during the summer however when I go back to school, I will go back to working about 19.5 hours a week at $14.50. I made stupid choices at 18-19 and am now paying for it at about 400-500$ a month for about…

Do I move back in with parent to pay debt faster? 26F in a lot of debt. Please save the mean comments because I already know how screwed I am, but I’m almost 200k in debt over Sallie Mae student loans. 3 individual loans: 40,000 40,000 25,000 All of them have about an 11-12% interest rate due to my co-signers poor credit. I also have federal loans coming up but at least those can be income-bas…

Okay, I have a plan to pay off my debt. Would love insight on my strategy. Hi folks. My Situation: I earn about 178k a year and I’m sitting on about 15k of credit card debt thanks to finalizing a very painful divorce last year, someone who tried to sue me and I had to pay to make them stop (essentially making them admit in writing I did no wrong) and a broken wrist last summer that required surgery. Luckily my insuran…

Should I sell my investment properties to pay off debt? I’m really split on what I should do. My goals are to maximize my investments, get ready to buy a new house, reduce stress, have kids. Income last year: 125k before taxes Expected Income this year: 225k before taxes, putting 10% away to 401k Don’t project income will get any higher than this, but basically guaranteed to inherit at least 5 mil…

I have $32,000 in savings and $15,000 in credit card debt. Should I use my savings to pay off the debt, or open a balance transfer credit card and pay it down over time? Hi friends, I have $32,000 in my savings account ($30k from a deceased family member) and it feels really good to have that safety net, but I have an immense amount of credit card debt. Do you think I should pay it down over time, or should I just pay it all off right now? I was thinking about opening a balance transfer credit card to maybe pay …

I have paid every single debt off, but why my credit isn’t improving? I’m not going to lie, I had issues with getting g myself into debt over the last several years; my credit has improved to 625, from 515, but have a question about how to improve my score faster. I had credit debt of about $8000 (total debt across three cards), and paid it all off yesterday. Along with that, I had a student loan that had roughly …

Medical Debt sold to collections agency when I was still making payments I had appendicitis about 2 years ago and even though I had insurance, it left me with some debt. I set up a payment plan with the hospital and have been paying it off every month. I’ve gotten it down to a little less then $3,000. I changed my payments from 100$ a month to 25$ maybe 6 months ago because I realized it was interest free anyways. I…

26, No Debt, Decent Savings, What Now? Hey Everyone, I am 26 years old, have about 25k in savings (15k deep storage, 10k split between emergency and vacation savings), 17k in 401k ( 12% contribution, work matches up to 6%), 3k in HSA. I make just under 60k a year and work in the clinical laboratory industry. I have no debt, no car payment, 2 credit cards, “excellent” credit. Just won…

Tired of the debt, MCOL, 29, and looking for reviews and feedback on my budget and financial plan. Intro Over the last couple of months we my wife (28f) and I (29m) have identified that our financial situation is untenable, and we’ve started taking steps to fix the mess. I’ve been consuming a lot of personal finance content, especially Caleb Hammer, the Money Guy Show, and this subreddit, and I’ve been doing a lot of research into how best to…

Sell Crypto to Payoff Debt? I’ve been carrying ~30k debt with ~4% interest for the past 3 years and I’ve also been holding ~30k of Crypto that is 10k underwater. If I sell the 30k of crypto to payoff the 30k loan, would I be able to deduct 10k worth of loses in the next 4 years from any gains? How would you think about this decision? What are the benefits or downsides? The…

24 no debt, full emergency fund, what to do starting from now? I’m 24 just moved to a high-cost of living city. I feel like I’ve been letting the money fly out of my hands so I’m going to be sticking to this financial plan going forward to achieve my goal of buying my dream house by 30 and saving for retirement. My take home salary after taxes/insurance/etc is 65k per year, I’ve got decent benefits and try …

Is it worth giving up a 2.875% mortgage rate to be debt free? Let me preface this post by saying this. I am well aware that I am in an extremely lucky and fortunate position to be making great money at a young age, and this is by no means meant to be a “humble brag” post, I’m just trying to make the most informed decision I can. 28 years old living in a HCOL / VHCOL area. $132,000 a year base salary + ov…

Paying OFF debt with a collection agency Good Evening Everyone, Im currently in debt with a collection agency for about $598, I’m wanting to pay it off in full since I do have the money for it. When I contacted the Collection agency and tried to make a deal that I will pay it off in full the day off. If they, sent me in writing that it would be taking off my credit score from all credi…

WWYD? poor financial decisions, got in debt negotiation program…struggling to make ends meet Hi all. I’ll probably sound stupid, but I (23F) am in quite a hole currently. I graduated from college in 2021 with a bachelor’s in chemical engineering and it has been absolutely impossible for me to land anything. I moved from Ohio to Michigan to work on the COVID-19 vaccine as an Engineering Tech. Two things there: Rent doubled, and income d…