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Posted on 3/31/23 at 10:42 am to Drizzt
quote:There's legal ways to do this without all that. For example, if you're married and the person is married that's 4 combinations.
You have to file paperwork with the IRS if you gift more than 16k in a year. I prefer having no paper trail with IRS whenever possible. Not rocket science.
16k is pretty much just a little nuisance, non factor.
Posted on 3/31/23 at 7:03 pm to SaintsTiger
I just googled an amortization schedule to figure out what it would cost her w her current loan and a simple calculator to see what it would cost w a 0% cash adv w a 3% fee per transaction
Posted on 3/31/23 at 7:18 pm to Weekend Warrior79
Why is everyone assuming a bank is going to even allow $50,000 on a brand new credit card to someone who appears under some financial distress?
I'd bet the limit isn't even over $10k.
I'd bet the limit isn't even over $10k.
This post was edited on 3/31/23 at 7:19 pm
Posted on 3/31/23 at 8:19 pm to I Love Bama
Don't loan family money. Assume you're giving it to them.
Username checks out with thinking this is a good idea.
quote:
I Love Bama
Username checks out with thinking this is a good idea.
Posted on 3/31/23 at 10:11 pm to meansonny
quote:
They aren't 0% interest on balance transfers either, though. The cost would roughly be about the same, I'm sure.
Got an offer from them yesterday - 0% interest through March 2024 and no balance transfer fee.
Posted on 3/31/23 at 10:59 pm to LemmyLives
quote:
Don't loan family money. Assume you're giving it to them.
It’s his mother. He should give it to her if he has it. We got some real tight asses on here arguing over ways to get his mom to take out a loan. Weird.
Posted on 3/31/23 at 11:35 pm to Lightning
quote:
Got an offer from them yesterday - 0% interest through March 2024 and no balance transfer fee.
Isn’t this for a credit card to credit card transfer? OP’s mom sounds like it’s a more standard loan like a heloc with an adjustable rate. To get this debt to a credit card, you would have to use one of those shady cc checks to pay it, which always comes with x% of fees.
If I was the OP, I would pay my mom’s electric bill, cell phone, etc. on autopay, with the caveat that she pays that much extra on the loan.
Posted on 3/31/23 at 11:40 pm to I Love Bama
quote:
gives her stress due to the interest rate
Assuming it went from 5% to 9%, a 4% rate hike on 50k is only 2k/year extra, less than $200 per month. If her budget is that tight, she should probably sell the rental. What’s the plan if she needs 10k for a new hvac or 20k for a new roof for the rental? Assuming a SFH. If a condo, plan for HOA/maintenance fee/tax increase?
Posted on 4/1/23 at 10:30 am to Lightning
My bad, then. That wasn't what was on their website.
It is odd that they wouldn't be posting their best offer on their own website.
It is odd that they wouldn't be posting their best offer on their own website.
This post was edited on 4/1/23 at 10:31 am
Posted on 4/1/23 at 11:22 am to Drizzt
quote:
$50,000 is not a large amount.
It is to most people. I don't know how much you'd have to make to get a 50k credit limit on one card? Millions? If OP is that rich then yeah he should just pay off his mom's loan and let her pay him back interest free.
This post was edited on 4/1/23 at 11:29 am
Posted on 4/1/23 at 11:29 am to PetroBabich
OP is a baller living in Columbia slaying Bogota pussy. He can swing it.
Posted on 4/1/23 at 5:25 pm to Ric Flair
quote:
Assuming it went from 5% to 9%, a 4% rate hike on 50k is only 2k/year extra, less than $200 per month. If her budget is that tight, she should probably sell the rental. What’s the plan if she needs 10k for a new hvac or 20k for a new roof for the rental? Assuming a SFH. If a condo, plan for HOA/maintenance fee/tax increase?
I agree. That's why I was saying earlier that OP is leaving out some details. OP owns a lot of rentals I think, so his mom probably saw the success and wanted in on it and this house isn't that great of an investment and neither of them are willing to admit.
It would be a terrible idea for the OP to lend his mother money for this. If anything, she should sell the house and then he can give her the money.
Posted on 4/1/23 at 7:59 pm to Ric Flair
quote:
To get this debt to a credit card, you would have to use one of those shady cc checks to pay it
Not necessarily. Money is fungible. Basically, putting all of her expenses on the zero interest card and not paying it off effectively transfers the loan debt to the card via her regular spending. As long as she uses her newly free cash flow to pay off the loan of course.
This post was edited on 4/1/23 at 8:02 pm
Posted on 4/1/23 at 10:48 pm to LemmyLives
quote:It’s his mother, not a cousin or something.
Don't loan family money. Assume you're giving it to them.
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