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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Financial Update||Date: 1/31/2006 2:55 AM|
|Author: ApacheMech||Number: 219772 of 309605|
1) Is your budget prepared for all of the financial benefits you will be losing when you come home from down range, i.e. paying federal taxes again, losing hostile fire and family separation pay. I am sure it amounts to a good amount per month.
A.) yes. I have it all on an excel spreadsheet and it works out just fine. I have been keeping track of finances this way for a couple of years. If it hadn't been for this, I would have been bankrupt or just totally naive about how far along in debt I am in. I don't like quicken or money because I can't program the different ways of calculating interest and daily balances on it. I think I have a good way of doing it on excel, though.
2) You mentioned the annuity, is that from First Command, formerly known as USPA/IRA? If you are going to get out of it, which I would recommend, make sure to know all of the penalties that may apply.
A.) No, its not from First Command. It is from WRL or something like that. I don't have the info with me. I have waited through a gruelling year of waiting until the minimum waiting time to close the account and I can do it now with almost no penalties. I will still have some, but not a lot, anyway.
3) The balance tranfer you are considering from the debt consolidation is a good idea, however, are you planning on doing the whole amount? Those usually last for 12-15 months so you don't want to get caught with the balance when it adjusts to a higher rate.
A.) I am going to get just enough that I can handle the payoff in the amount of time the low BT rate is good for. Not only does this save money on interest, but also it gives the illusion that the debt consolidation loan is getting smaller quicker (for DW, anyway). Also, the interest on Loan 1 is pretty high, anyway (12.5%) and if the cc interest is lower after the time is up, well, I win, but I don't think it will.
Thank you for your support and kind words.
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