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No. of Recommendations: 5
Minimal progress on the CC debt, but we pushed the efund to $3000 cash.

That's probably a good thing at this point in time.

My side hustle is stalled due to the Covid-19.

Sorry to hear that, but not surprised that you got a wrench thrown into your paydown. Most people do, even if it's not something that affects so many people.

Instead, maybe I'll go ahead and pay an existing card 3-4% up front for 0%bt

Be careful with this. You can end up spending more on the BT fee than you save in interest. First of all, your 13.49% rate is probably calculated as the Prime Rate + 8.74% A month ago, the prime rate was 4.75% It has now dropped to 3.25% - so next month, your rate will drop to 11.99%, unless there is a higher floor. So that will probably drop the interest expense to $150/month or so. Then, your balance over the course of your paydown will decrease, also decreasing the interest you pay.

As an example, if you have $15k at an 11.99% rate, paying a 4% fee to transfer it would cost $600. If, instead, you are able to pay $2000/month toward the debt, you would pay it off in 8 months and the interest at 11.99% would cost you $670.93 - so, yes, a savings of $70.93 - but not the $150/month for 8 months ($1800) that it might appear that you would save. And if you can pay more than $2000/month, or your BT fee is 5% instead of 4%, then you would actually spend more on the BT fee than you would have spent on interest.

You can set up your own spreadsheet to figure out the BT fee vs. interest, or if you post the terms and your expected paydown, I can run the numbers for you.

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