Delete*****

[BFPSU]

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[PSUSignore]

1. Ideally your $2000 emergency fund should be larger. It should cover several months of living expenses if something were to happen to you.
2. I don't fully understand your debt situation but your logic seems odd. You felt that the 9.8% debt consolidation loan rate was too high, so instead you transferred it to a credit card? What is the interest rate on the card? Sure, that buys you time in terms of making small minimum monthly payments but likely at a tremendous cost, credit cards tend to have high interest. The lack of an annual fee is likely peanuts compared to the interest rate and what that could potentially add up to.
3. You may have an opportunity to reign in spending across the board and not just focusing of reduced 401k contributions as a means to pay off your debt. If you are serious about getting out of debt your entire budget should be analyzed. Since you seem intent on continuing 401k contributions I'd highly suggest evaluating your other expenses to see where you can save money in an effort to pay off your high interest debt as quickly as possible. Things like cable, cell phones, cars, dining out and entertainment expenses usually have lots of opportunities for being reeled in depending on your tolerance for an aggressive savings lifestyle.
4. None of us can really give you sound advice without a complete picture of your budget, age, current savings, salary, etc. So take everything with a grain of salt. I don't suggest posting those things on the internet for all to see, so you may want to talk to a certified financial planner to create a solid plan.

 

[BFPSU]

CC is 0% interest for one year

 

[Nit777]

First of all, it you have $300K in a retirement account and have an 85K per year job, you are a lot better off than many in America. So congratulate yourself a little for not being in the hole as so many are, even at 46. Then get to work on a plan to fix your current problem.

PSI Signore gave you some sound advice immediately above.

I did not post in the first thread, but just read through the many snippets of advice.

The real issue here is your ability to discipline yourself and to have a budget and understand money flows. If you can;t do that, none of this advice will help you much.

In a perfect world, you can take the $85,000 annual pay and break it down to a monthly pay and then figure out your disposable budget by subtracting mandatory expenses such as taxes, insurance, rent, auto costs, repairs, utilities, food, etc.

Look at what is left. What would be perfect is that there is enough left each month to pay the the maximum 10% contribution, and the $216 loan payment and $1,000 to pay off the $12,000 you put on the credit card before it begins to accrue interest. One year may seem like a long time, but it will be here pretty quick and if that $12,000 debt is still all there, who knows what the interest rate will be. I would bet from 12% to 18%.

I imagine you could do it, but the budget would allow no perks (or a substantial reduction of the perks) that you probably are used to. Minimal dining out, no entertainment expense, no PSU football games, no fine wines, no gifts for GFs, no 4$ Starbucks on the way to work. etc. Only you know if you can discipline yourself for a year to find all those little pockets where we all spend money on things which are not absolutely essential and redirect that money like a zealot to paying off the credit card before the interest begins.

If you pay religiously on the loan and whack the credit card debt down to say $5,000, you might be able to talk the lender who gave you the loan to increase it by 5K as the original $8,200 would be paid down some. Might work, might not, that's why it is important to get rid of as much of the credit card debt as fast as you can as your budget allows.

Good luck.

 

[BFPSU]

First of all, it you have $300K in a retirement account and have an 85K per year job, you are a lot better off than many in America. So congratulate yourself a little for not being in the hole as so many are, even at 46. Then get to work on a plan to fix your current problem.

PSI Signore gave you some sound advice immediately above.

I did not post in the first thread, but just read through the many snippets of advice.

The real issue here is your ability to discipline yourself and to have a budget and understand money flows. If you can;t do that, none of this advice will help you much.

In a perfect world, you can take the $85,000 annual pay and break it down to a monthly pay and then figure out your disposable budget by subtracting mandatory expenses such as taxes, insurance, rent, auto costs, repairs, utilities, food, etc.

Look at what is left. What would be perfect is that there is enough left each month to pay the the maximum 10% contribution, and the $216 loan payment and $1,000 to pay off the $12,000 you put on the credit card before it begins to accrue interest. One year may seem like a long time, but it will be here pretty quick and if that $12,000 debt is still all there, who knows what the interest rate will be. I would bet from 12% to 18%.

I imagine you could do it, but the budget would allow no perks (or a substantial reduction of the perks) that you probably are used to. Minimal dining out, no entertainment expense, no PSU football games, no fine wines, no gifts for GFs, no 4$ Starbucks on the way to work. etc. Only you know if you can discipline yourself for a year to find all those little pockets where we all spend money on things which are not absolutely essential and redirect that money like a zealot to paying off the credit card before the interest begins.

If you pay religiously on the loan and whack the credit card debt down to say $5,000, you might be able to talk the lender who gave you the loan to increase it by 5K as the original $8,200 would be paid down some. Might work, might not, that's why it is important to get rid of as much of the credit card debt as fast as you can as your budget allows.

Good luck.

Ok, but what if i just switched whatever the balance remaining on the $12000 in a year to another 0% CC. I get offers all the time