Personal Finance - January 2007

I have $5000 in credit card debt at 13% interest (the credit card is closed so I cannot ever charge more on it). I also have $5000 in savings. I have a steady job that provides me, after expenses, roughly $500 a month to save.

Should I payoff my debt, be at a zero balance in the bank, and work from there? I am afraid that the moment I do, expenses will come up - medical, car repairs, etc.

I like the "security" that having the savings provides. It makes me feel better knowing in case something happens, I am covered - because I do not have the best of credit so I could not "charge" any unforseen expenses. But I also do not like paying 50 bucks a month to Discover card when that money could be used to save.

Any suggestions?

2007-01-23 13:55:41 · 11 answers · asked by Rusty Nail 2

A. U.S. Savings Bond
B. Growth Fund
C. Money market Fund
D. IRA

2007-01-23 13:50:45 · 2 answers · asked by Anonymous

When a transaction of $10,000 or more occurs it is mandatory for the institutions involved to report this to the IRS. I just heard that this "limit" has been lowered to $5000 since the beginning of 2007 Does this statement hold any validity? If so what can 1 expect to occur if for example a few $8000 transactions occurred without this new knowledge?

2007-01-23 13:12:53 · 5 answers · asked by James B 1

2007-01-23 12:49:14 · 9 answers · asked by Justus 4

Okay, rent's coming up and my husband and I don't have all of the money, we're short like $400.00, can anyone think of any ways that I can make some extra cash quick??!! I'm getting some jewelery apraised so that way I might pawn some of it, any other ideas?/!

2007-01-23 12:05:48 · 14 answers · asked by mommy21nut 2

a guy is asking for my name, adrress, occupation,gender and phone number- has given me an email address for a "bank" and application form letter to submit. Has anyone any reality on this?

2007-01-23 12:01:46 · 13 answers · asked by Anonymous

I am deep in debt because of bad choices I made in life, a divorce and being unable to work for several months because of a medical condition. I recently graduated and I am looking for a fulltime job. (Once I get a job, I do not believe I will earn enough to ever pay off my bills. I'm paying 32% interest on some of my credit cards.) In the meantime I cannot afford to pay the minimum balance on my credit cards. Should I go bankrupt or should I cash in all of my retirement accounts to pay off these bills? Thank you for your input.

2007-01-23 11:49:51 · 8 answers · asked by sdn90036 6

HELP

2007-01-23 10:47:16 · 13 answers · asked by Denise P 2

2007-01-23 10:33:47 · 12 answers · asked by AMSQ 1

2007-01-23 10:32:30 · 9 answers · asked by Anonymous

Does paying off delinquent accounts and charge offs even raise your score at all? I paid EVERY single piece of negative credit will that help me? Also does anyone know where I can look to find loans and or credit cards to boost my credit?

2007-01-23 10:09:15 · 12 answers · asked by me 2

Hi, I have about $1200 to put on credit card debt or contribute to my IRA for 2006 (I just started it and only have about $800 in the account). My credit card debt totals about $1300 at 15% interest. I am not sure if it will hurt me in the long term if I pay my credit cards rather than contribute. I appreciate your advice since I don't know much about this, thanks in advance for your help.

2007-01-23 09:57:51 · 11 answers · asked by irunwithbulls 1

It would me & I would help lots of people.

2007-01-23 09:43:18 · 6 answers · asked by Anonymous

2007-01-23 09:41:57 · 6 answers · asked by OLDSOUTHPARKII 1

For a singel man. Living alone. Can cook. Just b-fast & dinner at home. Nothing to special,, just a little more than basic. How much can i estimate to spend per week or month?? just an idea...

2007-01-23 09:38:23 · 14 answers · asked by ok 2

2007-01-23 09:23:17 · 8 answers · asked by stevan09@btinternet.com 1

2007-01-23 09:14:33 · 2 answers · asked by quadriverse 1

2007-01-23 09:10:44 · 6 answers · asked by Anonymous

What do I do, if anything: my eye doctor's computers were stolen and all of his customer information was on them. This included my social secutirty number (or my mom and deceased father's at least), health insurance, name, address, phone, but NOT any credit card numbers (thank God). Help!

2007-01-23 09:01:17 · 2 answers · asked by tanyarachel 3

I got a pre-approved offer from Juniper for a card with a credit line UP TO $10,000. Has anyone applied and can tell me if you got $10K line? It says on the back that the minimum could be $250 and I don't want to apply if that's all I'm going to get.

I already have several credit cards, one with $15K limit but I want to consolidate the smaller cards to this one due to its 0% APR intro & 11% after that.

2007-01-23 08:58:14 · 2 answers · asked by Anonymous

A few years back I heard of some people setting up sites asking for donations to help pay off this debt or that debt... and some people were actually able to pay things off that way, does anyone know if that is still legal??

2007-01-23 08:29:16 · 5 answers · asked by Michelle T 2

Are there any tax implications or other penalties. Its a totally legal transaction as far as I'm aware. Thanks to those who responded already, sorry I couldn't reply to explain more clearly as the forum doesn't allow me to do so..

2007-01-23 08:26:58 · 1 answers · asked by debhosc 1

2007-01-23 08:25:49 · 7 answers · asked by karameldiamond 1

And notice in online banking that you have received electronic deposit trial deposit? It's just odd because I have setup my paypal account a long time ago when i had that transaction that said electronic deposit trial deposit, one is for 17 cents and the other for 54 cents... but why is that doing it now again? Could it be paypal or a hacker... please reply asap. Thanks.

2007-01-23 07:54:43 · 6 answers · asked by ethannadinemariel 2

How long until you can rebuild your credit?

2007-01-23 07:43:50 · 10 answers · asked by Anonymous

Im living in canada and have to declare bankruptcy, im wondering if there was any reason they would not allow me too do this...im just scared i won't be able to get out of this hole im in..also i have a lease truck, does that affect anything?

2007-01-23 07:39:08 · 3 answers · asked by Anonymous

If one person have a lot of debts in credit cards, has no job in America (so they can't garsnih your wages) nor has anything, and is moving overseas...

Can the CC company garnish your bank account abroad?

Even if it is an offshore account?

No judments please - this is a hypothetical question

2007-01-23 07:28:45 · 9 answers · asked by Anonymous

My husband is being sued by a bank (the evil people) for a jet ski that was repossessed last year. The problem is we are living in a shelter where we pay a subsidized amount a month, we have three kids and haven't been able to come up with the $100.00 to start the bankruptcy process because of rent and other bills. They are wanting to take most of his check leaving us to 25% of it. When he went to court, they failed to tell him or give him the option of what to take out in the paychecks....not sure if they can do that or not...anyone who can give us some advice it would be much appreciated...thanks for taking the time to read. I might add, the jet ski was purchased before I met my husband.

2007-01-23 07:23:46 · 11 answers · asked by Michelle P 2

2007-01-23 07:20:36 · 7 answers · asked by Bistro 7

Recently I have been receiving letters from a credit agency regarding a previous dental visit that I had in which the insurance didn't cover all of the costs. In the most recent letter they said that they were going to recommend litagation if the total amount wasn't payed in 15 days. Is this just an attempt to scare me or is it legit?

2007-01-23 07:17:00 · 6 answers · asked by Anonymous