Poll of the Day > What can a financial advisor help me do with my finances?

(+) Yeah! (+)

The extent of my financial planning skills has always just been I need to buy a house/car/holiday by this date so I need to save this much a month by then.

Now that I dont have a target purchase or target date anymore, I need some help on planning when I can clear my credit cards. Im paying it off monthly but the big chunk I used to buy furniture last year is still there and it looks like Im gonna be paying the bitch off way into next year!

theres an argument that as long as Im not being charged interest theres no issue, but I dont like the idea of nearly 300 a month going on repaying shit when I could be keeping that money in my pocket. Do I just pay off my entire credit card debt in one cash lump sum and just be done with it? Or do I still continue to pay monthly?

These are the kind of questions I need answered, and somebody to calculate whats best for me. Financial advisor? Accountant?

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Its best to pay as much as possible as often as you can because the minimum payment doesnt (barely) pay down whats owing.

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I've always been good with money, how long do you have no interest on your credit cards, is there a min monthly payment, and about how much do you have on them?

In general, determine the amount of time you have with no interest payments and divide the total owed by the # of months and pay that much. Don't let them start charging you (some even charge like 21% or something after the initial free period ends) interest.

Always pay slightly more then any min payments you have, it helps your credit.

No real reason to pay it off super fast though, especially if you have any way to invest your money for a decent quick profit. Buying a cheap used car on facebook you see and flipping it is a great example. I got a 2013 town an country mini van for $900 for instance that runs fine (had it checked by a mechanic) and average kelly blue book is about $4k. Those kind of deals are happening all the time and you just need pay attention and spend a couple hours to get a very nice quick profit.

So even just having 1-2k floating around to invest, could eventually allow you to pay off the full debt if your lucky.

Def KEEP the money though, although you can invest it (if it's a small amount though you might as well just toss it in a savings account as the interest on small amounts is gonna suck anyway). That gives you the funds to...well make money...if an opportunity comes up, but also gives you the money to pay off the cards for sure before they starts milking you.

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https://www.youtube.com/watch?v=mOCvylOLQVs

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