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THF13 posted:Ally's savings rate is an even 1% right now. Their checking account has a tiered balance system but it's pointless because you need to keep $15,000 in a checking account to earn just .6%. Standard checking interest rate is .1%. God forbid you get a 1% return. There are CU's out there with 4% rates! Just look! They are are there! I've heard...
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Oct 4, 2015 11:00
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BossRighteous posted:God forbid you get a 1% return. There are CU's out there with 4% rates! Just look! They are are there! I've heard... I remember when I was a kid and my parents' CU gave them something like 6% that just seems absolutely ridiculous now 
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Oct 4, 2015 23:55
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Just been given $5000 (from the part of my family that means a lot to me) for the express purpose of paying down some debts. I'm in $18,343.97 of debt. I could pay off a car loan due to end in July of 2016, interest at 7.5% fixed approximately $2837.31 left and $330 a month. Or I could throw it all on my credit card debt $12,494.01 that's at nearly 20% interest on purchases and minimum payments are $236 bucks (budget is to pay $472 per month over the next year which would have me done in late 2018). I've set it up so that most of my monthly payments come out of my chequing account and any that do come from my visa have monthly transfers to the visa from my chequing account now. Another one of these debts is my Canada Student Loan which I owe $3212.97 but I only pay about $60 per month on atm and would be down in 6 years if I stay the course, though I plan on tripling my payments eventually. I'm just not sure if I should be looking for anything else here. I also have no emergency fund or spare cash. So yeah: 1. Pay off credit card first, budget to pay off car loan, then student loan, then save for an emergency. 2. Pay off car loan, put dent in credit card debt and finish it off, then student loan then save for an emergency. 3. Either of the above but put some money aside for emergency savings either immediately. Weird BIAS fucked around with this message at 04:03 on Oct 5, 2015 |
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Oct 5, 2015 03:59
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Well mathematically, putting on your credit card would help a great deal. I would say that that is absolutely the way to go.
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Oct 5, 2015 04:06
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Debt 1: 12,494 @ 20% Debt 2: 2837 @ 7.5 Debt 3: 3212 @ 2% (?) I would either put it all in Debt 1 (your biggest money sink by far), or Pay off Debt 2 and put the rest towards Debt 1 Over 36 payments you're still going to pay yet another $4,221 in interest on Debt 1 If you put it all towards Debt 1 you're only going to pay $2,532 in interest over three years. That's almost two grand in savings, on top of the $5000 in free money you're getting. Paying off Debt 2 only yields $339 in savings over three years edit: Bonus option: roll over the balance of the card on Debt 1 to a new card with 0% APR for one year, pay off Debt 2, then put the rest towards the 0% APR balance roll over Hadlock fucked around with this message at 04:14 on Oct 5, 2015 |
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Oct 5, 2015 04:10
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I ran some figures with only about $40 difference. Between paying Debt 1 and Debt 2 with the remainder going to Debt 1. I say pay Debt 2 and the remainder towards Debt 1 then use the $330 monthly payment that was for the car payment to pay off the credit card. There's only about $40 extra cost but you eliminate a debt with a fixed payment free up more cash flow to demolish debt. With one bonus of having more flexibility for emergencies.
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Oct 5, 2015 04:31
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Devian666 posted:I ran some figures with only about $40 difference. Between paying Debt 1 and Debt 2 with the remainder going to Debt 1. I say pay Debt 2 and the remainder towards Debt 1 then use the $330 monthly payment that was for the car payment to pay off the credit card. There's only about $40 extra cost but you eliminate a debt with a fixed payment free up more cash flow to demolish debt. With one bonus of having more flexibility for emergencies.
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Oct 5, 2015 05:40
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Hadlock posted:Debt 1: 12,494 @ 20% I'm going to look into the Bonus option a bit because I know my family would be very happy if my car was paid off just because it's one of those imaginary goals, especially for the ones that helped me get the car in the first place. e:Okay seeing some options actually. Weird BIAS fucked around with this message at 06:16 on Oct 5, 2015 |
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Oct 5, 2015 06:02
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Thanatosian posted:I don't know what numbers you ran, but a 12.5% interest difference on $2800 is $350 in interest savings in the first year alone. Which is basically an order of magnitude more than $40. I actually ran a loan app with the difference in payments amortised, not simple interest calculations. As stated that includes pushing all of the car loan payment to credit card.
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Oct 5, 2015 06:50
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Weird BIAS posted:I'm going to look into the Bonus option a bit because I know my family would be very happy if my car was paid off just because it's one of those imaginary goals, especially for the ones that helped me get the car in the first place. Chase Slate is a good card for this. The intro offer is no balance transfer fee, normally 3%, if you complete the transfer in 60 days and no interest for 15 months. By the number you gave you basically should be able to pay off the entire loan in that time frame as well, about $1300 left after 15 months if you pay off the car, put the rest of the $5k against the credit card, and put the monthly payment you currently budget for the car to pay off the card.
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Oct 5, 2015 07:36
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God that looks so good but I'm in Canada eh.
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Oct 5, 2015 07:38
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I just got this from Ally:quote:At Ally Bank, we're committed to banking in your best interest and offering consistently competitive rates. As part of that commitment, we're introducing the following balance tiers on November 7, 2015: My account type is, of course, one of the ones that will now be variable based on balance, so I'm guessing I'm going from my current 0.85% to like, 0.2%. In my best interest my rear end  EDIT: If anyone's shopping for CD's for whatever reason the email says they won't become variable until after 11/7/15 and if you buy them before then you can get the old constant rates, just FYI.
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Oct 5, 2015 18:31
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So I checked with my bank's online c/c app and I'm auto approved for a card w/ 0.99% APR intro for 6 months, afterwards 11.99% APR, but a balance of $1100 only. How do I use that to my advantage if at all? Seriously not sure how to juggle it transferring balances and paying things off. Like do I just throw 1100 onto that card and sit on it while making minimum payments? This is the card http://www.scotiabank.com/ca/en/0,,124,00.html Honestly after doing the math myself, having the car done and paid and then smashing debt with freed up cash will cost me a small bit more (maybe a month of payments) but is probably going to feel like a moral victory as well. Still on the fence about it though.
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Oct 6, 2015 05:11
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Had about $500 worth of fradulent charges on my sig-other's debit card appear overnight. I bank with Ally, and after calling to dispute, I'm being told that I need to wait until the transactions go through to dispute the claims, and that it could be a turnaround of 10 days before we maybe get our money redeposited. They were clearly fraudulent transactions - 9 $50 transactions in a row out of state (across the country) with our prior legitimate purchase occurring locally just hours before. Before I flip my poo poo, cancel my accounts with Ally, and move my money elsewhere... am I being unreasonable in expecting that prompt reporting of clearly fraudulent transactions should have a much tighter turnaround, even on a debit card? If not, any recommendations on good online banks?
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Oct 6, 2015 20:06
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Ruggan posted:Had about $500 worth of fradulent charges on my sig-other's debit card appear overnight. I bank with Ally, and after calling to dispute, I'm being told that I need to wait until the transactions go through to dispute the claims, and that it could be a turnaround of 10 days before we maybe get our money redeposited. They were clearly fraudulent transactions - 9 $50 transactions in a row out of state (across the country) with our prior legitimate purchase occurring locally just hours before.
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Oct 6, 2015 20:17
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Ruggan posted:Had about $500 worth of fradulent charges on my sig-other's debit card appear overnight. I bank with Ally, and after calling to dispute, I'm being told that I need to wait until the transactions go through to dispute the claims, and that it could be a turnaround of 10 days before we maybe get our money redeposited. They were clearly fraudulent transactions - 9 $50 transactions in a row out of state (across the country) with our prior legitimate purchase occurring locally just hours before. I would wait it out and see how Ally does with this. This is how my CU does it too.
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Oct 6, 2015 20:24
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SiGmA_X posted:Chase (CC, I don't use those asshats for checking) doesn't let me dispute unsettled fraudulent charges either. However Chase also freezes fraudulent charges like the ones you described automatically, and issues you a new card. I assume you are talking chase debit? On the freedom card they stopped a pending fraud charge, cancelled the card and overnighted me another one. As much as chase is all big bank, the costumer service has been extremely good for me over the last 4 years. Also never use a debit card if you can avoid it.
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Oct 6, 2015 20:32
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Yeah, I know to generally avoid debit purchases for that reason, and tend to use credit when possible. That said, this happened and I'm in the "dealing with it" stage. I'm more wondering if I need to put a damper on my expectations of a bank dealing with fraud, or if the turnaround they quoted me is reasonable. Hopefully they'll exceed the expectations they set. As an aside, my experience with Ally customer service has been that it's deteriorated over the years. The fraud rep I spoke to was clearly inexperienced and had no idea what she was talking about, and had to put me on hold for a few minutes to get some basic information (turnaround time on disputes). I don't mind getting someone new, but I would like them to have training and answers to the commonly asked questions down. I rarely use bank customer service, but that said it's one of those things that doesn't matter until it does. My admittedly limited experiences have been trending down since I opened an account two years ago which is a little disappointing.
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Oct 6, 2015 20:44
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Those of you with Ally accounts: what do you have to do if you have an emergency and need to pull out a lump of cash? Wouldn't ATM withdrawal limits get in the way?
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Oct 6, 2015 20:48
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Huh I don't even have a debit card for my Ally account. In going on an emergency I would have a few days notice.
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Oct 6, 2015 21:00
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baram. posted:Those of you with Ally accounts: what do you have to do if you have an emergency and need to pull out a lump of cash? Wouldn't ATM withdrawal limits get in the way? Not an Ally customer, but my credit union is ATM-only without any tellers. You just give them a call and they temporarily raise your ATM limit. Also I can't think of very many emergencies where I'd need thousands of dollars in cash on a moment's notice. The only time I needed to pull out a few thousand dollars in cash was when I bought my motorcycle on craigslist...
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Oct 6, 2015 21:03
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Yeah I can't think of many reasons I would either but it's a scenario that popped into my head I was curious about. Giving them a call and having them up the ATM limit for the day makes sense though.
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Oct 6, 2015 21:26
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baram. posted:Those of you with Ally accounts: what do you have to do if you have an emergency and need to pull out a lump of cash? Wouldn't ATM withdrawal limits get in the way? Don't pay the ransom. Talk to the cops first, no matter what the kidnappers tell you.
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Oct 6, 2015 23:11
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spwrozek posted:I assume you are talking chase debit? On the freedom card they stopped a pending fraud charge, cancelled the card and overnighted me another one. As much as chase is all big bank, the costumer service has been extremely good for me over the last 4 years. When Chase detected fraud, exactly what you described happened. When I detected fraud, I was unable to dispute until it settled. Just like my post said.  baram. posted:Those of you with Ally accounts: what do you have to do if you have an emergency and need to pull out a lump of cash? Wouldn't ATM withdrawal limits get in the way?
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Oct 6, 2015 23:17
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I have done withdrawal limit increases with Ally. They limit you to a maximum of 3 business days and it takes a little while to go through. You need to give them dates for it. So if you have an emergency where you needed to withdraw same-day, it probably wouldn't work, unless things have changed.
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Oct 7, 2015 02:17
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So I've never done one of these before and needless to say im bad with money. Heres the breakdown: Car Loan: $9,044 remaining. I pay 300 a month with a 1.90% APR. Other Loan: $1,793.94 remaining. 135 a month at 7% APR Both of these are automatically taken out of my paycheck as the district i work for has a credit union they use to pay us. I make about $2,900 a month technically but this ends up to be about $1540 a month after everythings deducted automatically. HOWEVER I have other debts too. $360 a month student loan payment $5,374 that I transfered to a Discover card to get rid of fees. No APR until December of 2016 $4963.75 on my Capitalone Credit Card. %19.80 APR $425 a month rent (well mortgage technically but I have 2 roommates who pay me rent) $110-130 a month generally utilities. Am I doomed? I'm not sure what to do (other than stop spending money)
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Oct 7, 2015 07:07
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20% APR? Jesus. I'm no genius but I'd say pay that off ASAP. drat.
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Oct 7, 2015 08:21
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Ruggan posted:20% APR? Jesus. I'm no genius but I'd say pay that off ASAP. drat. Thats why i got the discover card. Ran it right back up though 
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Oct 7, 2015 08:37
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Uncle Wemus posted:Thats why i got the discover card. Ran it right back up though It sounds like you have a spending and debt emergency. Unless you can sort out your spending issues you're not going to sort out the debts. When I went through your figures it sounds like you should be able save unless your minimum payments eat the remainder of your income. In that event you need to stop buying extra stuff you don't need. You may be in enough of a situation to create a thread if you seriously want to resolve your financial issues.
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Oct 7, 2015 09:40
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The minimum payments haven't been too bad, discover and cap1 have both generally been around 110. I wasn't sure If I should pay off the small loan first just to get it out of the way or not. If i made a new thread about it what other information should i post? Uncle Wemus fucked around with this message at 09:52 on Oct 7, 2015 |
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Oct 7, 2015 09:50
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Uncle Wemus posted:The minimum payments haven't been too bad, discover and cap1 have both generally been around 110. I wasn't sure If I should pay off the small loan first just to get it out of the way or not. Nail that credit card first. The 7% loan is small and the payments look like a 2 year loan, not worth worrying about as the total interest paid will be low. Credit cards are high priority. I say this even if one is 0%, as you seem to have a bad credit card habit. e: If you make a thread you'll need to detail all the debts with interest rates and minimum payments beside them. An initial budget of your expenses is a good place to start. It doesn't have to be perfect as people will help you with that.
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Oct 7, 2015 09:55
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I got quicken a while ago and forgot about it when I got a new computer. So looking at my spending in the last 30 days it seems to break down like so: 390 - Groceries (includes restaurants and fast food. without them its 295) 174 - entertainment 30 - gas Those are much higher than I thought they'd be, particularly groceries. Gas surprised me for how low it is. Guess I don't fill up that often. here are my last 4 minimum payments Discover -111 -113 -116 -118 capitalone -140 -120 -92 -64 Uncle Wemus fucked around with this message at 11:33 on Oct 7, 2015 |
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Oct 7, 2015 11:23
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Hi Uncle Wemus, welcome to BFC!  The good news is that your situation is extremely manageable. People have cleared a lot higher debt with much higher across the board interest rates. The bad news is that, as Devian has pointed out, you appear to have a spending and debt emergency. Here is a great article about what exactly this means, and the mindset you should have every time you pull out your wallet to make a purchase. To boil it down, every dollar you spend on something that is not debt prolongs the period in which you're indebted. You need to be thinking about that for every dollar you spend from now until this debt is gone. Is it worth prolonging debt to buy groceries and pay the power bill? Most certainly! Is it worth prolonging debt to buy a $9 lunch sandwich or a couple beers at the bar? Only you can answer that in each individual situation, but you would be well served by thinking deliberately about it each time a purchase like that comes up. I second the idea of starting your own thread. There are lots of helpful people in here to give you ideas and provide support. Questions I still have: -Is that grocery budget just for one person? -What is included in "entertainment"? -What is included in "utilities"?
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Oct 7, 2015 12:50
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If you use something like Mint, made a purchase for someone else, and they paid you back immediately, would you just leave both the amount "spent" and "earned" or denote it in some way to avoid messing up your trends and graphs?
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Oct 7, 2015 17:31
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elf help book posted:If you use something like Mint, made a purchase for someone else, and they paid you back immediately, would you just leave both the amount "spent" and "earned" or denote it in some way to avoid messing up your trends and graphs? Just make sure both transactions are in the same category and you should be fine.
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Oct 7, 2015 17:39
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You can also hide transactions from budget and trends. That's what I do for my work travel card both for the deposit to my account of the reimbursement as well as the check I write to pay off the balance.
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Oct 7, 2015 18:46
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elf help book posted:If you use something like Mint, made a purchase for someone else, and they paid you back immediately, would you just leave both the amount "spent" and "earned" or denote it in some way to avoid messing up your trends and graphs? That's the way I typically do that sort of thing. As long as they are categorized the same they will effectively cancel each other out for charts and budgets. Alternately, if you want really fine precision you can split up transactions and categorize different chunks separately.
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Oct 7, 2015 18:47
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pig slut lisa posted:
Groceries is for one person. Entertainment is mostly video game stuff with some other activities. I work nights so I don't have much of a social life during the week. Utilities is internet, gas, electric. I also forgot the 100 bux a month for car insurance. I'll make a thread later tonight after work.
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Oct 7, 2015 21:25
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Guinness posted:That's the way I typically do that sort of thing. As long as they are categorized the same they will effectively cancel each other out for charts and budgets. I try and make sure the dates are lined up too, because then if the offsetting transactions go across week/month/year boundaries, reporting for those can be messed up (a monthly spending chart might show a big overspend and one month and big negative spend in the next). Hiding the transactions seems like an even better idea, since I think certain spending reports only show debits and never factor in if there's any counteracting credits.
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Oct 7, 2015 21:35
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DJCobol posted:Just make sure both transactions are in the same category and you should be fine. I have a category for cross-month repayments from friends, but if it SpelledBackwards posted:I try and make sure the dates are lined up too, because then if the offsetting transactions go across week/month/year boundaries, reporting for those can be messed up (a monthly spending chart might show a big overspend and one month and big negative spend in the next). Hiding the transactions seems like an even better idea, since I think certain spending reports only show debits and never factor in if there's any counteracting credits. If it's a same period pair of transactions I put it in the same category, if period crossing occurs I put it in a special category that isn't reported. I use Quicken, FWIW.
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Oct 7, 2015 22:18
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