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No. of Recommendations: 3
The good----

CC Debt
Amex : $0.00
Chase Rewards: $0.00
Chase regular: $0.00
GE Bank store CC: $0.00

Roth contributions year to date: $1,400.00

I had the accountant check my last year return and found that I needed to ammend last years return and get back $700.00 back because I did not need to pay capital gains on my home.

FICO score: 807!

The bad-----

I just had a bad visit at the dentist office I need alot of work done which will put in at least $3,500 in debt.

I am using the $1000 I had in my emergency fund and requesting the $360 I have in my FSA account and as I have the bills request the money be repaid.


The ugly----


I had a discussion this afternoon with the cu I bank with and wanted a secure loan with 1 of my cd's I have.

The new loan is 2 year loan at 8.80% with payments at $100.00

The loan rate could go down as the rate is set by adding 3.0% to the cd rate I have. I have the $10,000 one earning 6.0%

I know this is expensive but I see this my best option as the rates on my cards are 13.9% variable on Chase and 7.9% fixed on the regular Chase and 9.9% on Amex.


I will start paying this debt down in two weeks when I'm paid at my main job. My goal for the 2nd quarter is have a dent on the amount owed.



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Will the dentist let you stretch out the payments (interest-free) for a while? Couldn't hurt to ask.
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Will the dentist let you stretch out the payments (interest-free) for a while? Couldn't hurt to ask.

Speaking as someone who has handed over her credit card for a lot of dental payments over the past couple of years, can you offer any reason why any professional should say, "hey, sure, pay me whenever you happen to feel like it. I don't have rent, office assistants, dental technicians, utilities, telephone bills, insurance, a mortgage, kids, or any other expense to deal with."

If the payments need to be stretched out, at least ask about paying interest.

I have a missing tooth. I also need some gum repair and some bone work done. Much of this won't be covered by insurance. I have waited until I had the money saved up. I didn't assume that my dentist would wait until I felt like paying him.

Nancy
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I would ask about a payment plan at the dentist. We paid the orthodontist $1200 down and the remaining $4800 over 30 months IIRC.
While there was no stated interest, I suspect it was built into the total. I didn't ask for a reduction for paying cash as I did not think I could afford to pay it at that time.


This may be a more common practice in the ortho field.
Doesn't hurt to ask--

Molly--not fond of dentist visits
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Will the dentist let you stretch out the payments (interest-free) for a while? Couldn't hurt to ask.

They won't allow this. They want payment immmediately or the force you to apply for the Capital One dental card that high interest!

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I have a missing tooth. I also need some gum repair and some bone work done. Much of this won't be covered by insurance. I have waited until I had the money saved up. I didn't assume that my dentist would wait until I felt like paying him.


I have good insurance thru MetLife unfortunately what needs done can't go along time waiting or i'll be really in pain, sick and lose sleep over it.


The max they will pay for the year is $1,500.00.


I coughing alot and need the proceedure done. My main concern is they are a Metlife PPO dental provider and accept the reduced rate on dental work.

This will help alot by having the fee reduce. Most charge alot for dental work thats not a preferred dental provider.

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Why don't you apply for a 0% balance transfer credit card that will allow you to take a deposit into your checking as a transfer (I think Discover is one of these, but check). Even with a transaction fee - it should cost you much less than your interest on the other option.

Congrats on a score of over 800...I am so close, but never seem to crest it. I am jealous!

Sorry about your needed dental work...
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No. of Recommendations: 3
I had a discussion this afternoon with the cu I bank with and wanted a secure loan with 1 of my cd's I have.

The new loan is 2 year loan at 8.80% with payments at $100.00

The loan rate could go down as the rate is set by adding 3.0% to the cd rate I have. I have the $10,000 one earning 6.0%

I know this is expensive but I see this my best option as the rates on my cards are 13.9% variable on Chase and 7.9% fixed on the regular Chase and 9.9% on Amex.


I will start paying this debt down in two weeks when I'm paid at my main job. My goal for the 2nd quarter is have a dent on the amount owed.


What is the penalty for breaking one of the CD's? If it is less than the 3% differential that you are being charged for the CD-secured loan, it might be better to break the CD, pay the dentist bill, and then use the rest of the CD to beef up your e-fund so that you don't run into this issue again. You can earn 5% on savings right now at Emigrant and HSBC, as well as Vanguard's Prime Money Market account, so the differential in interest earned on $10k would be $100 a year from your 6% CD. However, over the course of the loan, you will likely end up paying at least that much in interest over and above what you CD would have earned.

For someone who has paid off their debt (good job!) and has over $10k in CDs - $1000 seems like a pretty small e-fund.

AJ
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I would ask about a payment plan at the dentist. We paid the orthodontist $1200 down and the remaining $4800 over 30 months IIRC.
While there was no stated interest, I suspect it was built into the total. I didn't ask for a reduction for paying cash as I did not think I could afford to pay it at that time.

This may be a more common practice in the ortho field.
Doesn't hurt to ask--


Orthodonture work tends to take a long time, and a long series of visits, and payments are indeed often strung out. No dentist wants to find that a patient is moving out of state with the teeth only half done, which would require reimbursing the patient.

But, of the three dentists I visited last year (for three different, but related purposes) all of them had a little sign next to the receptionist stating that payment was due at time of service. (My doctors and my vet have the same little sign).

It might be a different matter if the patient said, upon receiving a quote, "Well, I guess I'll have to wait until I can save up the money." Then the dentist is free to offer a payment plan if he feels like it. But I would never say, "how about I string out the payments and don't pay any interest?"

Nancy
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"Will the dentist let you stretch out the payments (interest-free) for a while? Couldn't hurt to ask.

They won't allow this. They want payment immmediately or the force you to apply for the Capital One dental card that high interest!"

I'm glad I don't go to your dentist. My guy will let me pay a little along if I need to. As long as I pay something each month, he doesn't care. I figure since I've gone to that practice for almost 40 years, he lets me do it.
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You are doing well with the $0 balances on the cards - congrats!

But, this is a great example of why the e-fund should be built up to 3 to 6 months worth of living expenses.

I realize that maybe you just haven't gotten there yet - so it's a good lesson for others reading your post.

Karen
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My main concern is they are a Metlife PPO dental provider and accept the reduced rate on dental work.

I hope that this particular dentist also does good quality work that doesn't give you problems in the future.

It's statements like this that give me reasons to stay debt free. The current reason: I picked my dentist for the quality of work. He expects payment in full when the work is completed, but will take a credit card. His office prints out insurance forms that I mail in to get reimbursement, which may or may not arrive before the CC bill is due. I can't file for flex spending reimbursement until after I have the dental insurance EOB. This means that the flex spending reimbursement for the part that isn't covered by dental insurance will never arrive before the CC bill is due.

Being out of debt and having a reasonable cushion in savings means I can accept a payment arrangement like this to use the dentist whose work I trust.

Patzer
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But, this is a great example of why the e-fund should be built up to 3 to 6 months worth of living expenses.

I realize that maybe you just haven't gotten there yet - so it's a good lesson for others reading your post.


Every time I really get going on building up the e-fund, I have to go see the dentists again.

Nancy
but my company went back to the better dental insurance.
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I'm glad I don't go to your dentist. My guy will let me pay a little along if I need to. As long as I pay something each month, he doesn't care. I figure since I've gone to that practice for almost 40 years, he lets me do it.

If he's been in practice for nearly forty years, then he must be getting close to retirement. Assuming he'll be selling his practice, will his successor allow the same terms?

Nancy
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Currently I have $23K in CDs at two credit unions. I'm working on a different idea to build the efund. I'm go to let the the PG stock and Chase stock I have and let the div go back into money market and earn 5.10% in money market and build a fund of cash that I can tough in an emergency. I been dilligently putting extra cash year in the Roth 401k and trying to build my 401k balance up.

Current balances:

Main job :$29,900 vested
p/t job: $9,200 vested
pension : $7,000 vested
Roth IRA: $22,000

My main thing this quarter is to pay the balance down asap! When the refund comes from the gov I can pay $700 down and bring the balance back under $1,500.




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