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any financial advisers??? Need corona financial advice.
Posted by: spacescape
Date: March 21, 2020 08:25AM
Ok, first of all... I'm not a financial wizard. However, I have awesome credit (my credit score is well over 800) and a grasp on my financial wellbeing. However, I'm on the fence right now and unsure what to do and wondering if anyone can assist me figuring out how to manage my finances for the next month or so.
January we did a small remodel project which was budgeting. But, in return my credit card balance was slightly higher than normal. I have this card setup for payment Monday or Tuesday (pay the statement balance). So, my question is is paying off a credit card a bad idea during this time? Should I have more cash in our savings versus paying off a credit card? Same thing with my mortgage? Should I contact both of these financial institutions (wells fargo and citi) and see if they would wave late fees / interest and differ payments for 1-2 months? or just just keep my financial habits the same for now? I have access to a line of credit if need be.

I guess I'm just more overwhelmed than normal.
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Re: any financial advisers??? Need corona financial advice.
Posted by: Harooneneutics
Date: March 21, 2020 09:16AM
Not a financial advisor -- but paying off a credit card is (usually) a good idea.

It's also a good idea to have 3-6 months of expenses saved in an emergency fund -- much easier typed than done.

If you're feeling short on cash for whatever reason, you could always eat a couple of months of interest and spread the payments out. You could even transfer the balance to a new card with 0% introductory interest if you really want to avoid the interest payments.

Take care!



Edited 1 time(s). Last edit at 03/21/2020 09:22AM by Harooneneutics.
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Re: any financial advisers??? Need corona financial advice.
Posted by: mattkime
Date: March 21, 2020 10:03AM
How much money do you have in an emergency fund? If your emergency fund is properly funded I would recommend proceeding as normal.



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Re: any financial advisers??? Need corona financial advice.
Posted by: davester
Date: March 21, 2020 10:06AM
Not an adviser, but it is NEVER a good idea to carry a balance on a credit card. The interest rates are usurious.



"In science it often happens that scientists say, 'You know that's a really good argument; my position is mistaken,' and then they would actually change their minds and you never hear that old view from them again. They really do it. It doesn't happen as often as it should, because scientists are human and change is sometimes painful. But it happens every day. I cannot recall the last time something like that happened in politics or religion." (1987) -- Carl Sagan



Edited 1 time(s). Last edit at 03/21/2020 10:07AM by davester.
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Re: any financial advisers??? Need corona financial advice.
Posted by: SteveO
Date: March 21, 2020 11:57AM
Not an advisor. If it were me, I'd pay it off as well. Worth a shot if you're at all concerned about cash flow, though, to call them and ask if they'll waive interest/fees for a few months, AND that it won't show up anywhere on your credit score. I can see these clowns putting some kind of mark in a column somewhere even if they waive the fees, interest, etc.
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Re: any financial advisers??? Need corona financial advice.
Posted by: NewtonMP2100
Date: March 21, 2020 12:15PM
.....the interest charges on credit cards are way to high....pay it off......are you just worried about having more cash on hand.....'just in case'.........???


.....you can always refinance the mortgage at lower rate, if necessary.....


....not a financial advisor but I would just cut back on spending for now and save the extra cash, if that makes you feel better......no use in 'what ifs'......just see what happens in the next few weeks.....



_____________________________________

I reject your reality and substitute my own!



Edited 1 time(s). Last edit at 03/21/2020 12:55PM by NewtonMP2100.
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Re: any financial advisers??? Need corona financial advice.
Posted by: deckeda
Date: March 21, 2020 12:27PM
for the next month or so

during this time


On the face of it, you're describing short term potential credit usage, so no big deal using credit in the short term, right?

But you're describing it also in terms of carrying it long term because you don't have income later ... when you should be paying off credit.

So unless you have reasonable knowledge your job is gonna tank or curtail you, proceed as normal and pay as normal. You'll then retain full credit availability should the need truthfully arise.
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Re: any financial advisers??? Need corona financial advice.
Posted by: jdc
Date: March 21, 2020 01:04PM
Is your income at stake with all this? Then maybe prudent. If not, business as usual?

For us, wifes job is going nowhere, so meh. Mine is still going strong, but even if I took a 25% cut, not a concern.



----


Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: any financial advisers??? Need corona financial advice.
Posted by: Ken Sp.
Date: March 21, 2020 01:16PM
To keep your credit score in good standing--try to stay below 30% credit utilization--better if you can stay below 10%

As others have said--depends on your income going forward and your reserves.

There are credit cards that you could apply for now-with your great credit score--that would allow you to do a balance transfer--and have no payments for a time--and there are some cards with lower interest payments.

This too-will pass...
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Re: any financial advisers??? Need corona financial advice.
Posted by: N-OS X-tasy!
Date: March 21, 2020 01:51PM
Quote
davester
Not an adviser, but it is NEVER a good idea to carry a balance on a credit card. The interest rates are usurious.

Unless it is a 0% interest card.



It is what it is.
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Re: any financial advisers??? Need corona financial advice.
Posted by: rjmacs
Date: March 21, 2020 01:59PM
Quote
N-OS X-tasy!
Quote
davester
Not an adviser, but it is NEVER a good idea to carry a balance on a credit card. The interest rates are usurious.

Unless it is a 0% interest card.

A 0% interest card would not be a credit card in the traditional sense, unless you're talking about an introductory offer.



rj
AKA
Vreemac, Moth of the Future
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Re: any financial advisers??? Need corona financial advice.
Posted by: space-time
Date: March 21, 2020 02:33PM
Quote
spacescape
Ok, first of all... I'm not a financial wizard. However, I have awesome credit (my credit score is well over 800) and a grasp on my financial wellbeing. ...

if you have to ask this question about 1-2 months, I would say you do not have a grasp of your financial wellbeing.
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Re: any financial advisers??? Need corona financial advice.
Posted by: spacescape
Date: March 21, 2020 04:08PM
As of now, nothing has changed financially. I pay off everything once a month. However, within a couple of weeks everything has gone out of whack. So, just wanted to know if it's best to hold onto cash right now or not. Yes, it's always best to pay off credit cards.

Thanks for any input.
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Re: any financial advisers??? Need corona financial advice.
Posted by: Michael
Date: March 21, 2020 06:50PM
Pay the credit cards. If it all goes south in the next couple of months you have the line of credit. I'm assuming your confident your job will last through the current mess.
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