Still in on our honeymoon, started to talk finances after putting about $4k in a money market account as savings for a house next year. Bank offered her a card with 0% for 15 months and 17.99% after. That lead to me looking over her current accounts, roughly $7,500 spread over 4 cards. The new card is about $4900 maximum balance, and will allow free balance transfers within 60 days (no fees)
Current plan is (assuming partial balance transfers are allowed) to pay off the smallest credit card (less then 400), the next card with the highest rate would be balance transferred and cancelled (about 1100). That leaves either a partial transfer for a 17.99% card, or a complete transfer of a 15.24% card. The 17.99% card may be able to be upgraded or switched within that company for some extra 0% for 12 month goodness.
Normally my wife has been paying 500 a month (or more if she can afford it) on various credit cards. So I figure we'd focus on paying off one card at a time, while maintaining minimum payments on the other cards. Does this sound like a good plan of attack?
You may notice that I haven't talked about my finances. That's because she wants to take care of this herself, even though I could almost pay off her debts out of my accounts if I dipped into what I've been saving for a house. About 2k liquid assets, plus house savings.
I'm actually okay with the debt she has, as she has always tried to pay it down. Most of her debts are from kittie, car or phone emergency expenses. Couple with her needing to take a lower paying job after her previous employer went bankrupt, she just needs to trim down a little spending here and there. We're looking at maintaining separate bank accounts with some joint accounts, possibly merging accounts after we are completely comfortable with each other being able to see each others spending.
TL:DR, adulting is hard.
Submitted August 26, 2017 at 07:55AM by Kishandreth http://ift.tt/2wPpjwG
