It depends on your marital status, if you have children, etc. You may do this worksheet to determine how many exemptions you should claim:
http://www.irs.gov/pub/irs-pdf/fw4.pdf
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Wise or Foolish financial move?
- Thread starter evangelist6589
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It depends on your marital status, if you have children, etc. You may do this worksheet to determine how many exemptions you should claim:
http://www.irs.gov/pub/irs-pdf/fw4.pdf
I cant claim him as he is not my child.
I can't tell you what you should claim for exemptions, just do the worksheet and decide for yourself.
Getting a refund means the government has held onto your money throughout the year, instead of you getting the proper amount on each check.
The minimum you should pay is $6,000/11 months or $545 per month. The goal is to have it all paid off before the interest rate kicks in. My advice would be to pay $600 per month, every month, AND DON'T USE THE CARD AGAIN!!
Can't help you there. Not going to touch that.
I cant afford $600 per month.
Evan, a little story as a side note. When Mrs. Rolf and I closed on our present home, the realty agent for the seller told us that at one time she owed nearly $100k in mostly CC debt (if I remember the amount correctly). She paid it off with her earnings from that job.
My point. $6k is a lot, but very doable. It is a matter of discipline.
My point. $6k is a lot, but very doable. It is a matter of discipline.
:thumbsup: That is the key. It is hard not to spend when we want something (especially when those wanting our money make it so easy). There's a child in each of us.
Then you need to pay as much as you can each month to reduce that balance as much as you can so when May 2016 rolls around you don't have thousands of dollars on that card when the high interest rate kicks in.
I presume the minimum payment, after your computer is added to the total amount owed, will be around $150 a month or so. Can you pay $300 a month? Also, if you sell your old computer be sure you use a giant chunk of the proceeds to pay your credit card.
Min payment is balance times 1% so about $60 a month. But yes I agree I am gonna pay as much as I can. What I cannot pay I am going to transfer to another low interest CC by the time may 2016 arrives.
Is it possible to pay that on 30K a year before taxes? 27K after taxes?
I still have my student loans but fortunately for me and one good thing Obama did was that he made it easier to pay them. Since I don't make much I don't pay much on the income based payment plan.
Yep. The credit card companies know this and make millions.
You missed my point entirely.
The point: You dug a hole for yourself and now must live in it, but you can pay it off by practicing real discipline.
Do you realize that means that you couldn't afford the computer? Is there a way to return the computer?
Real discipline. What you mentioned is only a start.
$6,000 on $27,000 a year can be tough but if your wife is paying the home expenses, you can absolutely do that. My daughter pays $500 a month on her student loans making $14,000. She has no housing expenses but she does pay for her own car insurance, car repair and maintenance, lunches (if she chooses to not bring from home), credit card repayment (she has not been wise with her spending) and entertainment. I've told her now is the time to buckle down and get everything paid off so she can be free from debt.
That's the best advice so far.
Wow, only 1% a month, I thought it would be 2.5%.
OK, you seem to know how this game is played.
Just stop using the cards.
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