- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
credit card debt
Posted on 4/3/09 at 6:48 pm
Posted on 4/3/09 at 6:48 pm
overview (my balances):
$2,400 on 19.99% card - 10,300 limit
$1,000 on 2.91% card - 2,000 limit
issue:
need to finance about 4 or 5 thousand on an engagement ring (about 10% APR)
possible action:
would it be wise to pay $1,400 on the 1st card then transfer the remaining $1,000 on it to the 2nd card?
this would save me some interest and financing the ring would be cheaper than continuing payments on 19.99%
thanks
$2,400 on 19.99% card - 10,300 limit
$1,000 on 2.91% card - 2,000 limit
issue:
need to finance about 4 or 5 thousand on an engagement ring (about 10% APR)
possible action:
would it be wise to pay $1,400 on the 1st card then transfer the remaining $1,000 on it to the 2nd card?
this would save me some interest and financing the ring would be cheaper than continuing payments on 19.99%
thanks
This post was edited on 4/3/09 at 6:51 pm
8
Posted on 4/3/09 at 7:07 pm to rogerlsu
Show her how much you really love her. Take out a loan for 10K and buy her a really nice ring.
Posted on 4/3/09 at 7:10 pm to Zach
hey i'm not putting a price tag on it but there's only so much i can stomach 
Posted on 4/3/09 at 7:22 pm to rogerlsu
buy something you can pay cash for. Tell her she gets a nicer one when you are debt free and have the cash flow.
Terrible way to start out a marriage, in debt. I know someone that took 5 years to pay off the ring (12k). She left him after about a year and half. She kept the ring.
Terrible way to start out a marriage, in debt. I know someone that took 5 years to pay off the ring (12k). She left him after about a year and half. She kept the ring.
Posted on 4/3/09 at 7:45 pm to MileHigh
Or you could just not buy into the bullshite that the DeBeers family created around the diamond market and get her something worthwhile... like a down payment on a house?
Posted on 4/3/09 at 7:46 pm to coloradoBengal
quote:Have you ever even met an adult female?
Or you could just not buy into the bullshite that the DeBeers family created around the diamond market
Posted on 4/3/09 at 7:52 pm to LSURussian
quote:
Have you ever even met an adult female?
My wife loves her diamond ring, but it's still a ridiculous custom.
Posted on 4/3/09 at 7:55 pm to coloradoBengal
quote:So, you caved, too...huh?
My wife loves her diamond ring
Posted on 4/3/09 at 8:06 pm to LSURussian
quote:I did, but my wife worked for a jeweler at the time and we got a loose stone for like 1/3 of retail.
So, you caved, too...huh?
But still... she loves that ring, and I bought her diamond earrings later on (which she lost).
I'm done, and I wish I had never bought a diamond in my life.
Posted on 4/3/09 at 8:07 pm to coloradoBengal
Posted on 4/3/09 at 9:05 pm to LSURussian
can't wait till JT sees this thread.
Posted on 4/3/09 at 9:14 pm to LSURussian
well we'll make decent money for the house even without a big down payment... and yes it is necessary to get the diamond ring now. but it's good though because she picks it out and there are no future upgrades... 1 time deal.
either way i think i'll transfer some of that 19.99% credit card to the lower APR and use some savings to pay the rest. thanks for the comments
either way i think i'll transfer some of that 19.99% credit card to the lower APR and use some savings to pay the rest. thanks for the comments
Posted on 4/3/09 at 9:57 pm to rogerlsu
quote:
need to finance about 4 or 5 thousand on an engagement ring (about 10% APR)
Are you sure? Ask her. Her financial future would be bound up with yours too, after all. There are lots of women out there who'd be proud to wear a $50 band that didn't require a mortgage.
Posted on 4/4/09 at 9:11 am to rogerlsu
19.99% is a high interest for a credit card. Usually it doesn't matter what the interest is if you pay the balances off in full monthly, but if you carry that wedding ring balance for a while, it'll hurt. Compounding interest is a b*tch, especially on 19%. I would avoid that at all costs.
If your credit score is strong, I would suggest just taking out a personal loan at a bank or with the jeweler if they have that option. A fixed term loan will have simple interest instead of compounding, and I am positive that the rate is lower than 19% on most banks' personal loans. You'll save so much more money in the long run with simple interest versus compounded interest.
If you get air miles or rewards points on your credit card, I would apply for a loan at a bank and get approved. If approved, buy the ring with the credit card to get your points, then close on the loan and pay off the balance on the credit card with the funds. You have to make the system work for you.
If your credit score is strong, I would suggest just taking out a personal loan at a bank or with the jeweler if they have that option. A fixed term loan will have simple interest instead of compounding, and I am positive that the rate is lower than 19% on most banks' personal loans. You'll save so much more money in the long run with simple interest versus compounded interest.
If you get air miles or rewards points on your credit card, I would apply for a loan at a bank and get approved. If approved, buy the ring with the credit card to get your points, then close on the loan and pay off the balance on the credit card with the funds. You have to make the system work for you.
This post was edited on 4/4/09 at 9:15 am
Posted on 4/4/09 at 9:45 am to rogerlsu
Have you seen the movie Deuce Bigelow: Male Jigolo? You know what to do.
But seriously, buy her a ring for, <$2,000. And plan a low-cost, intimate wedding. If she gets pissed, dump her gold digging arse. And get the ring back. But PIIHB first.
But seriously, buy her a ring for, <$2,000. And plan a low-cost, intimate wedding. If she gets pissed, dump her gold digging arse. And get the ring back. But PIIHB first.
Posted on 4/4/09 at 1:15 pm to rogerlsu
quote:
would it be wise to pay
It would be wise to pay cash for a ring you can afford.
Posted on 4/4/09 at 1:19 pm to Parliament
quote:
Have you seen the movie Deuce Bigelow: Male Jigolo? You know what to do.
But seriously, buy her a ring for, <$2,000. And plan a low-cost, intimate wedding. If she gets pissed, dump her gold digging arse. And get the ring back. But PIIHB first.
Damn you know this site too well.
I think you wrapped up every single potential MT-OT-RANTT thought in 4 sentences!
Excellent!
Posted on 4/4/09 at 1:41 pm to Parliament
i spent 300 buck for her ring. i was going for 3K but she says no way. my wife is VERY frugal and i thank my luck star to have her....
Posted on 4/4/09 at 3:59 pm to rogerlsu
quote:
$2,400 on 19.99% card - 10,300 limit
$1,000 on 2.91% card - 2,000 limit
Limits are irrelevant for this conversation.
quote:
need to finance about 4 or 5 thousand on an engagement ring (about 10% APR)
Need is a very strong word.
quote:
possible action: would it be wise to pay $1,400 on the 1st card then transfer the remaining $1,000 on it to the 2nd card?
Wise? Are you serious? You're playing with fire. Sure you can transfer your balance, but your credit card company can raise its interest rate at any time, especially if you happen to be late on a payment.
Here's an interesting concept. Save up the money and PAY CASH for the ring or pay off your debt first. But don't go into more debt to buy a stupid freaking ring. Why start your marriage already in debt? Most marriages end in divorce because of money issues. Reverse the trend.
Posted on 4/4/09 at 4:01 pm to 40 Rouge
quote:
19.99% is a high interest for a credit card
quote:
If your credit score is strong
One would suspect that it isn't. Or, he's simply not a smart shopper when it comes to dealing with credit.
quote:
You have to make the system work for you
He's going to have a hard time making the system work for him. Chances are, he's had these balances for quite some time. Any "perks" that he has accumulated, more than likely, he's already paid for them.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News