Hey guys, first time posting here so sorry if I mess up the format or what have you. I'll keep things simple to avoid any confusion and to clarify we live in Australia thus we're working with AUD.
My mother just gave my partner and I $2000 (AUD) cash to help us move to a different state in around 4 months. We currently have a credit card each, a zipmoney account and a shared flexi-loan with Westpac.
| ZipMoney | Partner Credit | My Credit | Flexi-loan | |
|---|---|---|---|---|
| Rate | 19.99% | 11.99% | 9.99% | 14.99% |
| Monthly | $6 | - | - | $12 |
| Yearly | - | $45 | - | - |
| Balance | $1007.80 | $2644.34 | $1468.67 | $3887.90 |
Note that our ZipMoney account currently has a ~$513 balance currently interest free; the other ~$494 is charged interest.
My partner originally wanted to put the savings in to a savings account, possibly to accrue some interest, but my thought is that we'd be better off paying some debt off as to lower our interest payments - am I right in this thinking, or would it be better to keep this money separate?
My first thought was to pay $500 from ZipMoney to stop paying interest there, then pay $1500 off the Flexi-Loan as those two are the highest interest earners.
Another question I had is would it perhaps be appropriate to transfer both credit card balances to a single credit card with an interest free period on balance transfers? Best I've seen so far (with only a few hours research) is a 16 month interest free period which seems achievable for us, but after that it'll jump to 23% interest...
When we move I might look at bumping up the limit on my credit card to use that instead of the loan. If I can pay off the balance before we start buying things to move I can get 55 days interest free, though I don't know if we'll be able to by then.
Any and all suggestions are greatly appreciated. I'm mostly concerned that I'm missing something that could help us out or that might mess us up. Thanks in advanced!
Submitted March 11, 2020 at 09:08PM by DensePressure3 https://ift.tt/2W4C1V2
