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Managing balance carrying....
Hey guys so I wanted some advice here...
I am a college student and have about a year left. I just purchased a house a few months ago (locked in a 3.3% Fixed FHA).
I figure I'll have about 35-40k in student debt, but I'll have a BS in Finance Minor in Econ.
I have about 5k in credit card debt that I have held for the last few years, but under current income and a few major expenses (transmission etc) have been struggling to bring it down. Since I pay very close attention to my credit, I've bounced long 0% BT offers for the past few years -- 0 for 12 on two Wells Fargo cards, then moved to a 0% for 21mo with Citi Simplicity and last month got approved for 0% for 15mo with Chase Slate.
I still have about another 5k in available credit to use for emergencies so I have some utilization left (sitting about 55% utilization), and I have an emergency fund for a few months of mortgage payments.
Purchase of the house may or may not have been the best decision, but I see it that it could be something that could have a huge payoff (cheaper than ANY apartment by far around here).
So I guess my question is should I worry too much, or just hang on until I get out of college for paying it down fast and concentrate still putting 5% into my 401(k) /w 4% employer match and an additional 1% into my Roth IRA?
Or would you recommend I attack the balances fast.
For my student debt, I figure in a few years I can sell the house, move into something bigger and use the equity and pay off the student debt.
Smart plan?
Or am I in over my head?
I am a college student and have about a year left. I just purchased a house a few months ago (locked in a 3.3% Fixed FHA).
I figure I'll have about 35-40k in student debt, but I'll have a BS in Finance Minor in Econ.
I have about 5k in credit card debt that I have held for the last few years, but under current income and a few major expenses (transmission etc) have been struggling to bring it down. Since I pay very close attention to my credit, I've bounced long 0% BT offers for the past few years -- 0 for 12 on two Wells Fargo cards, then moved to a 0% for 21mo with Citi Simplicity and last month got approved for 0% for 15mo with Chase Slate.
I still have about another 5k in available credit to use for emergencies so I have some utilization left (sitting about 55% utilization), and I have an emergency fund for a few months of mortgage payments.
Purchase of the house may or may not have been the best decision, but I see it that it could be something that could have a huge payoff (cheaper than ANY apartment by far around here).
So I guess my question is should I worry too much, or just hang on until I get out of college for paying it down fast and concentrate still putting 5% into my 401(k) /w 4% employer match and an additional 1% into my Roth IRA?
Or would you recommend I attack the balances fast.
For my student debt, I figure in a few years I can sell the house, move into something bigger and use the equity and pay off the student debt.
Smart plan?
Or am I in over my head?














