SERIOUS money question: NEED HELP!!!
 

OK guys,

I'm not the brightest financial mind here, so I need some assistance in how to get out of this or at least delay it temporarily. So I financed my fiancee's engagement ring last year at the "Introductory 0% for 12 months" interest rate. So, it's about to expire and I was informed that I have been accruing interest all along and basically if I don't pay the whole thing off by December 1st, I'll accrue almost 1000 dollars worth of interest.

1) I don't have the money to pay the whole thing off.
2) I'm NOT going to just EAT 1000 dollars.

Does anybody have any advice on what I can do? I'm REALLY freaking out here. I tried to apply for a credit card to transfer the balance, but they said that takes 3-4 weeks. Any help would be GREATLY GREATLY appreciated..

Re: SERIOUS money question: NEED HELP!!!
 

I don't know much about finance either, but I think your only option is to put it on a credit card.

Re: SERIOUS money question: NEED HELP!!!
 

You are in a tight spot. Do you have any cards to charge it to? Amex has no limit. If you belong to a Credit Union, espically Navy Federal they process personal loans fast. I just had the same deal with Room Store but I put away the money each month for it. Then just gave them a big check at the end of the promotional period.

Re: SERIOUS money question: NEED HELP!!!
 

Do you have anyone that could loan you the money until you get another credit card set up?

That's typically the deal with the no interest deals, if you don't pay it off within the specified time all the interest then comes due.

Or you could always sell your body on a street corner.

Re: SERIOUS money question: NEED HELP!!!
 

So I took combined advice, I did a balance transfer from my that account to my existing card. That's a lot of money, but at least I won't get the thousand dollar hit. Thanks for the advice guys.

Next time, I'm just selling my body.

Re: SERIOUS money question: NEED HELP!!!
 

Can't you just borrow the money form your fiancee?

Like everyone said, it's very late in the ball game to move that money to another account It's very late. You're best bet is to a) hit up your parents, preferably your mother, for a loan or b) transfer the money to [URL="http://www.bankrate.com/brm/rate/brm_ccsearch_advanced.asp"]another card[/URL] after you paid the balance off by some other means.

Re: SERIOUS money question: NEED HELP!!!
 

[quote=saden1;251314]Can't you just borrow the money form your fiancee?

Like everyone said, it's very late in the ball game to move that money to another account It's very late. You're best bet is to a) hit up your parents, preferably your mother, for a loan or b) transfer the money to [URL="http://www.bankrate.com/brm/rate/brm_ccsearch_advanced.asp"]another card[/URL] after you paid the balance off by some other means.[/quote]

LOL funny that you say to borrow from Mom.

I always hated asking my Dad for money when I was in college. I felt like I was going before a judge and jury. I could always count on Mom though, she would toss me a 20 spot and not ask any questions.

Re: SERIOUS money question: NEED HELP!!!
 

The final details of the transfer are this: I called my Amazon.com credit people, told them the deal, they did a wire transfer as of today. If I would have waited for tomorrow, it would have been too late. They transferred the entire 2,500 I had left on the ring to my Zales card.

I called the Zales people and told them the money was coming and they put a note on the account the payment was coming and that even if it was late, they wouldn't charge me the interest. My Amazon.com people got me a 6% rate on the 2,500 transferred over (which is far better than my purchase rate of 12%). So I'm good, for now.

Re: SERIOUS money question: NEED HELP!!!
 

Good deal. It always pays to be up front with the credit card companies. Lots of times they will try to help you out if you're in good standing and you show that you aren't just trying to duck out of paying.

Re: SERIOUS money question: NEED HELP!!!
 

[quote=TheMalcolmConnection;251327]The final details of the transfer are this: I called my Amazon.com credit people, told them the deal, they did a wire transfer as of today. If I would have waited for tomorrow, it would have been too late. They transferred the entire 2,500 I had left on the ring to my Zales card.

I called the Zales people and told them the money was coming and they put a note on the account the payment was coming and that even if it was late, they wouldn't charge me the interest. My Amazon.com people got me a 6% rate on the 2,500 transferred over (which is far better than my purchase rate of 12%). So I'm good, for now.[/quote]

Damn! Cubic zirconium is really getting expensive these days! Did you get the special chapmagne colored stone? My wife pretended to not be impressed with the rock I gave to her but deep down I knew she loved it. Too bad she lost it shortly after. She picked out a new one that was a little more pricey and looked a little different than the one I selected but I guess it turned out for the best. I just have 724 more payments on it before it's mine...errr...hers {sigh}

Re: SERIOUS money question: NEED HELP!!!
 

To make a long story short, we both got drunk and went to "look" at rings. I ended up buying the featured ring. You know, the one that's by itself on a pedastal over the rest of them? Yeah, great decision by me. :doh:

At least this situation is fixed as of this morning. I was freaking out more than I had in a long ass time.

Re: SERIOUS money question: NEED HELP!!!
 

[quote=TheMalcolmConnection;251334]To make a long story short, we both got drunk and went to "look" at rings. I ended up buying the featured ring. You know, the one that's by itself on a pedastal over the rest of them? Yeah, great decision by me. :doh:

At least this situation is fixed as of this morning. I was freaking out more than I had in a long ass time.[/quote]

Rings and alcohol, now that's a lethal combo!

There should be a man law about this.

Re: SERIOUS money question: NEED HELP!!!
 

Yeah, I mean the Mexican restaurant was right next to Zales.

I was like, "This is the one you want? OK then, you don't get it now, but you at least got to pick it out."

Re: SERIOUS money question: NEED HELP!!!
 

[quote=Mattyk72;251350]Rings and alcohol, now that's a lethal combo!

There should be a man law about this.[/quote]

Actually, there should be a federal, state and local regulation requiring a breathalyzer test taken before purchasing at any jewelry store.

Re: SERIOUS money question: NEED HELP!!!
 

I work with a guy who bought his girl's ring with his student loan money, which basically means that she'll be helping him pay it off once they're married. Always a great way to start off the rest of your lives.

Re: SERIOUS money question: NEED HELP!!!
 

Our money is comibined anyway, so I guess in some ways, she's paying for her own ring anyway. HAHA.

Re: SERIOUS money question: NEED HELP!!!
 

[quote=TheMalcolmConnection;251365]Our money is comibined anyway, so I guess in some ways, she's paying for her own ring anyway. HAHA.[/quote]

Niiiiiiicccceeee!

Re: SERIOUS money question: NEED HELP!!!
 

But then I get to pay her student loans. Yay.

Re: SERIOUS money question: NEED HELP!!!
 

Eh, it's just money...

Re: SERIOUS money question: NEED HELP!!!
 

But we're also in the midst of planning for a wedding in May.

Re: SERIOUS money question: NEED HELP!!!
 

[quote=TheMalcolmConnection;251376]But we're also in the midst of planning for a wedding in May.[/quote]

Hmm...open bar? What day?

Re: SERIOUS money question: NEED HELP!!!
 

Si, open bar. If you're in Key West in May, give me a shout.

Re: SERIOUS money question: NEED HELP!!!
 

[QUOTE=TheMalcolmConnection;251327]The final details of the transfer are this: I called my Amazon.com credit people, told them the deal, they did a wire transfer as of today. If I would have waited for tomorrow, it would have been too late. They transferred the entire 2,500 I had left on the ring to my Zales card.

I called the Zales people and told them the money was coming and they put a note on the account the payment was coming and that even if it was late, they wouldn't charge me the interest. My Amazon.com people got me a 6% rate on the 2,500 transferred over (which is far better than my purchase rate of 12%). So I'm good, for now.[/QUOTE]


Seems like a better deal but don't settle for 6%. Do some research and find a card that will allow you to have 0% on balance transfers for 12 to 24 months.

Tips from saden1:
1. All you need in life is one credit card.
2. If it's under 2K and you can't buy it outright save up to buy it.
3. Always make the annual call to your credit card company to get your limit increased and your rate reduced.
4. If you can't pay for it within a year you can't afford it (big ticket items like a car or a house excluded).
5. Tax refunds should be used to pay your debt first.
6. Striving to be debt free is not Un-American.


I've tried to live by these rules for the last 5 years and believe me, it works wonders.

Re: SERIOUS money question: NEED HELP!!!
 

[quote=saden1;251447]Seems like a better deal but don't settle for 6%. Do some research and find a card that will allow you to have 0% on balance transfers for 12 to 24 months.

Tips from saden1:
1. All you need in life is one credit card.
2. If it's under 2K and you can't buy it outright save up to buy it.
[B][I] 3. Always make the annual call to your credit card company to get your limit increased and your rate reduced.[/I][/B]
4. If you can't pay for it within a year you can't afford it (big ticket items like a car or a house excluded).
[B][I] 5. Tax refunds should be used to pay your debt first. [/I][/B]
6. Striving to be debt free is not Un-American.

I've tried to live by these rules for the last 5 years and believe me, it works wonders.[/quote]

Those two in particular are great advice. When I placed my call today, they were like, "Sure we can reduce your rate. I was like WHAT?! How?" So they just did it. I'll know that from now on.

I REALLY hate debt and normally I'm on top of it with paying stuff off, but this wedding has caused our typically frugal spending plan to go a little nuts.

Great advice though.

Re: SERIOUS money question: NEED HELP!!!
 

[QUOTE=Mattyk72;251321]LOL funny that you say to borrow from Mom.

I always hated asking my Dad for money when I was in college. I felt like I was going before a judge and jury. I could always count on Mom though, she would toss me a 20 spot and not ask any questions.[/QUOTE]

My mom is nuts when it comes to money. Just the other day my little sister asked her for 1K and she just said "OK, I'll get it from your dad." What's even worse is that the money will be used to pay for DVD/Navigation System for her car. WTF?

Re: SERIOUS money question: NEED HELP!!!
 

I'll never borrow money from anyone to pay off debts. Sure, it's the easy road out, but I figure if I'm adult enough to live on my own and have my own house, I shouldn't be asking mom or dad for cash.

Re: SERIOUS money question: NEED HELP!!!
 

[quote=saden1;251447]Seems like a better deal but don't settle for 6%. Do some research and find a card that will allow you to have 0% on balance transfers for 12 to 24 months.

Tips from saden1:
1. All you need in life is one credit card.
2. If it's under 2K and you can't buy it outright save up to buy it.
3. Always make the annual call to your credit card company to get your limit increased and your rate reduced.
4. If you can't pay for it within a year you can't afford it (big ticket items like a car or a house excluded).
5. Tax refunds should be used to pay your debt first.
6. Striving to be debt free is not Un-American.


I've tried to live by these rules for the last 5 years and believe me, it works wonders.[/quote]

Good tips. If I could add one more it would be to pay off your auto loan asap and drop full coverage auto insurance (if you're not accident prone). Also, borrow to pay off your Needs not your Wants.

Re: SERIOUS money question: NEED HELP!!!
 

I DO hate being forced into full auto coverage. I can't stand that I have to have collision, etc. My deductible is so high it's not even worth it.

Re: SERIOUS money question: NEED HELP!!!
 

[quote=Mattyk72;251350]Rings and alcohol, now that's a lethal combo!

There should be a man law about this.[/quote]

Only thing sweeter is open bar at the gun show!

Re: SERIOUS money question: NEED HELP!!!
 

Transferring the balance to a different card was the right thing. I'd still try to open a new card with 0% for 12 months, and transfer the balance to that account. 0% is better than 6%.

While you're sitting on the 0% account for a year, make sure you are physically putting money aside to make sure this doesn't happen again. Take $50 out of every paycheck and put it in a drawer; or in a separate savings account. Keep that cash out of sight so it will stay out of mind. Then when your 0% account comes due, tap into your stash and pay it up in full.

Re: SERIOUS money question: NEED HELP!!!
 

[QUOTE=724Skinsfan;251469]Good tips. If I could add one more it would be to pay off your auto loan asap and drop full coverage auto insurance (if you're not accident prone). Also, borrow to pay off your Needs not your Wants.[/QUOTE]

Excellent points. My last tax refund payed off my car :)

Re: SERIOUS money question: NEED HELP!!!
 

That brings me to another question. I can count the interest I pay on my house for my taxes. This is the first year I've been able to do that. That should give me a big fat return right?

Re: SERIOUS money question: NEED HELP!!!
 

saden, When I call the credit card company to get my rate lowered, what do I say? I hate sounding like a dumbass who doesn't know what he's talking about when I make a call, so I want to know some official stuff to say.

Re: SERIOUS money question: NEED HELP!!!
 

[quote=TheMalcolmConnection;251588]That brings me to another question. I can count the interest I pay on my house for my taxes. This is the first year I've been able to do that. That should give me a big fat return right?[/quote]

We didn't see a big change realtive to the interest we paid on our property taxes. I guess it's relative to how much you paid though.

Re: SERIOUS money question: NEED HELP!!!
 

Well, before I bought my house I was maybe getting back a total of like 200 bucks from the goverment, while my fiancee (who takes zero exemptions) gets like 1000 bucks back. I would love a big fat return this year so I can pay off my car too.

Re: SERIOUS money question: NEED HELP!!!
 

[QUOTE=TheMalcolmConnection;251588]That brings me to another question. I can count the interest I pay on my house for my taxes. This is the first year I've been able to do that. That should give me a big fat return right?[/QUOTE]

It all depends on how much taxes and interest you paid. The government is not going to give you money back for taxes you haven't paid (except for those who qualify for earned income credit). If you pay $10K in interest alone on your house and your income was say 40K then uncle same will only charge you taxes on 30K worth of income (40K-10K=30K).

Re: SERIOUS money question: NEED HELP!!!
 

[QUOTE=TheMalcolmConnection;251605]saden, When I call the credit card company to get my rate lowered, what do I say? I hate sounding like a dumbass who doesn't know what he's talking about when I make a call, so I want to know some official stuff to say.[/QUOTE]

I simply call up and say I would like to get my interest rate decreased and my limit increased. You don't want to be a douchebag and make demands because most people and companies don't like douchebags. If you are a good customer you'll have no problem. Be aware of what the current WSJ Prime Rate is because no one is going to give you a card whose interest is less than that. If a company is offering you WSJ Prime + 1 point that's a good deal. Oh and whatever you do do try to get your rate fixed. Right now is not a good time to fix your rate but it sure beats variable rate if the prime rate goes through the roof.

Also make sure that you don't max out your credit cards. That's a big red flag. You shouldn't use more than 33% of your credit limit which is one of the reasons why you should get your limit increased every now and then.

One more thing, be realistic. If you only make 30K and you ask them to increase your limit to 20K they'll probably tell you to fuck off in a nice way.

Re: SERIOUS money question: NEED HELP!!!
 

there are a lot of member son this furum if everone donated 1 dollar....

Re: SERIOUS money question: NEED HELP!!!
 

[quote=saden1;251633]I simply call up and say I would like to get my interest rate decreased and my limit increased. You don't want to be a douchebag and make demands because most people and companies don't like douchebags. If you are a good customer you'll have no problem. Be aware of what the current WSJ Prime Rate is because no one is going to give you a card whose interest is less than that. If a company is offering you WSJ Prime + 1 point that's a good deal. Oh and whatever you do do try to get your rate fixed. Right now is not a good time to fix your rate but it sure beats variable rate if the prime rate goes through the roof.

Also make sure that you don't max out your credit cards. That's a big red flag. You shouldn't use more than 33% of your credit limit which is one of the reasons why you should get your limit increased every now and then.

One more thing, be realistic. If you only make 30K and you ask them to increase your limit to 20K they'll probably tell you to fuck off in a nice way.[/quote]

Excellent. Thanks. Yeah, typically I do my limit increasing online, but I never knew I could get my interest rate lowered.

Re: SERIOUS money question: NEED HELP!!!
 

If they agree to lower your rate you can always toss out the "I'm going to move my balance to another card" routine.

But as long as you're in good standing there's really no reason why they wouldn't work with you. They want to keep good customers.