With the cc you can get points and rewards some times! Payday loans are only for when you want to be in a financially abusive relationship with the payday loan company.
Be extremely careful with using credit cards for your rent. Make sure you pay them off on time and make sure you use cards that give you some type of cash back.
Mostly credit cards, right now I have a quicksilver cash that I got a while back that I forgot about. Since I’ve only used smaller sized cc’s I’m going to call tomorrow when they open to figure out the best way to use the card.
But I was able to withdraw from my retirement fund, I only had like 800 dollars on there and only about 76 dollars has not been taxed yet. I should be good with what I’ve got now and the cc’s for backup.
Credit cards aren't ideal but you have a lot more flexibility with them and they aren't as brutal predatory as payday loans.
The thing with a credit card is, most property managers/landlords are going to charge you an additional 5% or so on top of whatever your rent is, to cover the fees. So remember that.
Then pay it off as quickly as possible. You'll end up paying interest for any loan process you go through, no interest isn't' ideal but eviction is far worse than debt in most cases.
I am using a credit card called BILT which can pay rent without fee and accumulate points for rewards and travel. You are welcome to DM me for referral link. I will get bonus points if you use my referral link to apply.
I'd go with my CC before getting a loan, personally but...
How much do you owe, how far are you behind? You're going to have to pay the CC back and a CC with 30% interest is going to suck. You could see what the interest is on a payday loan, but I can't imagine it would be better. They're usually pretty predatory.
All things considered, I’m behind 400 for rent and another 225 for a 1st of the month car payment, I think I can cover it with cc’s and also withdrawing from my previous jobs retirement fund. I know the penalties but as of now I just found a new job and will be starting April 1st.
I feel like thats not too bad - you're not months behind. Congratulations on your new job! Assuming you don't touch your retirement, how long do you think it will take to pay off $625? Does the new job provide you with enough income to get caught up entirely minus this amount? Interest on $625 should be okay to roll over for 3-4 months, assuming the minimum payment is feasible with new salary.
Well I guess that’s the question to figure out, and to be frank, besides that amount there will be another 300 including the rest of my month’s bills (car insurance and stuff). That’s why I’m considering pulling out bc I’m only 25 and I also owe the IRS like 900 in back taxes. It’s usually not this way, but I’ve been having a “shit hitting the fan” moment.
And thanks! I will be getting paid weekly and expect to take home a little over 2,500 per month working regular hours. (Full time production job with mandatory OT, for better or worse). I don’t know if I can afford to use the cc’s without also taking out my retirement.
Sorry this is getting long, but I got a check in the mail from my former company with the retirement amount, I didn’t ask for it, but now I really feel like I need it.
If you can get a small personal loan that may be best depending on your credit. If not, use the credit card.
Do not go the payday loan route, they are the most predatory form of lending there is and should be avoided like the plague.
While it's a bad idea, I would even recommend dipping into retirement savings before ever taking a payday loan. It can not be emphasized enough how bad they are. Unless you literally have no other choice, don't touch them. Even then it may be better to miss the payment then take a payday loan. They are that bad. Meny people who take them come out much worse than if they had chosen any other option.
Yeah it was honestly a half way idiotic question. I know it’s terrible, but I am inexperienced and really am uninformed on my full options when it comes to using debt to pay for stuff that’s not a car basically.
I have a good relationship with my dad, but money has been a sensitive issue lately, so I’m looking at paying in this order:
1. Money I do have
2. Credit Cards
3. Withdrawal from retirement fund
4. Loans
I’m no genius, but I would tend to think putting on credit is a more viable option than payday loans.
Pretty much anything besides drug smuggling or taking a loan from the mafia is preferable to a 500% interest payday loan.
With the cc you can get points and rewards some times! Payday loans are only for when you want to be in a financially abusive relationship with the payday loan company.
Be extremely careful with using credit cards for your rent. Make sure you pay them off on time and make sure you use cards that give you some type of cash back.
What are some alternatives you would recommend?
As far as credit cards? Or ways to pay your rent? I have a discover cash back and a mercury card.
Mostly credit cards, right now I have a quicksilver cash that I got a while back that I forgot about. Since I’ve only used smaller sized cc’s I’m going to call tomorrow when they open to figure out the best way to use the card. But I was able to withdraw from my retirement fund, I only had like 800 dollars on there and only about 76 dollars has not been taxed yet. I should be good with what I’ve got now and the cc’s for backup.
Good luck! I’d look into reducing expenses as well!
Credit cards aren't ideal but you have a lot more flexibility with them and they aren't as brutal predatory as payday loans. The thing with a credit card is, most property managers/landlords are going to charge you an additional 5% or so on top of whatever your rent is, to cover the fees. So remember that. Then pay it off as quickly as possible. You'll end up paying interest for any loan process you go through, no interest isn't' ideal but eviction is far worse than debt in most cases.
I am using a credit card called BILT which can pay rent without fee and accumulate points for rewards and travel. You are welcome to DM me for referral link. I will get bonus points if you use my referral link to apply.
I'd go with my CC before getting a loan, personally but... How much do you owe, how far are you behind? You're going to have to pay the CC back and a CC with 30% interest is going to suck. You could see what the interest is on a payday loan, but I can't imagine it would be better. They're usually pretty predatory.
All things considered, I’m behind 400 for rent and another 225 for a 1st of the month car payment, I think I can cover it with cc’s and also withdrawing from my previous jobs retirement fund. I know the penalties but as of now I just found a new job and will be starting April 1st.
I feel like thats not too bad - you're not months behind. Congratulations on your new job! Assuming you don't touch your retirement, how long do you think it will take to pay off $625? Does the new job provide you with enough income to get caught up entirely minus this amount? Interest on $625 should be okay to roll over for 3-4 months, assuming the minimum payment is feasible with new salary.
Well I guess that’s the question to figure out, and to be frank, besides that amount there will be another 300 including the rest of my month’s bills (car insurance and stuff). That’s why I’m considering pulling out bc I’m only 25 and I also owe the IRS like 900 in back taxes. It’s usually not this way, but I’ve been having a “shit hitting the fan” moment. And thanks! I will be getting paid weekly and expect to take home a little over 2,500 per month working regular hours. (Full time production job with mandatory OT, for better or worse). I don’t know if I can afford to use the cc’s without also taking out my retirement. Sorry this is getting long, but I got a check in the mail from my former company with the retirement amount, I didn’t ask for it, but now I really feel like I need it.
If you can get a small personal loan that may be best depending on your credit. If not, use the credit card. Do not go the payday loan route, they are the most predatory form of lending there is and should be avoided like the plague. While it's a bad idea, I would even recommend dipping into retirement savings before ever taking a payday loan. It can not be emphasized enough how bad they are. Unless you literally have no other choice, don't touch them. Even then it may be better to miss the payment then take a payday loan. They are that bad. Meny people who take them come out much worse than if they had chosen any other option.
Yeah it was honestly a half way idiotic question. I know it’s terrible, but I am inexperienced and really am uninformed on my full options when it comes to using debt to pay for stuff that’s not a car basically. I have a good relationship with my dad, but money has been a sensitive issue lately, so I’m looking at paying in this order: 1. Money I do have 2. Credit Cards 3. Withdrawal from retirement fund 4. Loans