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Jul. 26th, 2002

woohoo for cool fridays. i think its 75 degrees outside. james and i have been trying to figure out the future: where to move, how many months we will need to stay in the apartment to be able to afford to move...all of that. we thought about taking out some sort of moving loan, but neither of us want to take on any more debt. granted that the interest rates are low (perhaps lower than credit cards), it might be worth it to take out a loan large enough to pay off our debt and give us some moving money. advice on this?
also, we were looking at banks online: places to open a savings account for the purpose of moving to the new apartment. Etrade seems to have the best interest rates (2.2%). Thats good compared to the standard 1% thats being offered now.

Any good advice in the financial area here would be appreciated.


( 5 comments — Leave a comment )
Jul. 26th, 2002 08:14 am (UTC)
Since the rates are so low it might be a good idea to do a loan to pay off the other debts. Of course the only way it will make it worthwhile is if the loan turns out to make the overall payments you'd otherwise make lower. Then you could still pay a bit more extra on it and get it paid off quicker.
Jul. 26th, 2002 08:47 am (UTC)
Even if the monthly loan payments are a bit higher than what you're paying now, if the interest rate is lower you'll save more in the long run. It's likely, however, that because the rates are lower than cc's, you're payments will be lower, too, so if you can swing it, it's a good idea for sure.
Jul. 26th, 2002 09:03 am (UTC)
load/savings info
Definitely consolidate your outstanding debt into one loan if you haven't already. Then cut all your credit cards except one. With the one left, call the card company and ask them to place a limit that you feel comfortable with if you max it out.

Best savings account I know of right now is at http://www.ingdirect.com. Decent rates and moving money in and out is easy. Just make sure the bank you are using now doesn't charge you for electronic fund transfers to and from your account.

Ruben (yes, THAT Ruben)
Jul. 26th, 2002 10:14 am (UTC)
Re: load/savings info
holy shit, ruben!
how are you?!
Jul. 28th, 2002 04:53 pm (UTC)
Re: load/savings info
hey there, just passing through checking on some favorite web pals. haven't really been online for quite some time now. i'm working on relocating myself, something with more of a coastal flavor -- maybe charleston, sc. just read a few of your recent posts -- looks like you are handling whatever life has to throw at you with plenty of style. good luck with your move. where in harlem? anywhere near the supper club, jimmy's uptown?
( 5 comments — Leave a comment )