About Cindy Morus Expertise I help families achieve financial well-being and peace of mind.
Specifically in the areas of:
Debt Reduction and credit card management
Strategies for increasing Savings
Retirement vs. college savings
Education about financial terms and strategies
Marital money chaos/Financial consequences of divorce
What I`m not:
Financial planner
Accountant
Lawyer
Tax preparer
Stock Broker
Debt consolidator
Insurance salesrep
Therapist
As a Financial Coach, I can help you sort through all the options out there including which specialist is right for you.
"Everything you always wanted to know about Money but were afraid to ask".
Experience Certified Financial Recovery Counselor
Certified Credit Report Reviewer
Coachville Graduate School of Coaching student
Certified Teleclass Leader with Teleclass.com , Teleclass International, and 24-7 Coaching.
Professional SuccessTracs coach with T. Harv Eker's Peak Potentials
B.A. Family and Consumer Sciences
Member, Christian Coaches Network, IVWCC
Organizations IVWCC
Christian Coaches Network
Coaches Connection
Northwest Coaches Association
Question I am contemplating using a convenience check from my credit card company instead of taking out a personal loan from my credit union. The convenience checks carry a 3.99% interest rate for the life of the loan. However, a personal loan from my credit union would carry a 10.25% interest rate for the life of the loan which can be no longer than 5 years.
I am thinking about borrowing between $10,000 to $15,000. I have about a $400 balance on my credit card and would pay that balance off completely if I used the convenience check and resolve not to use the credit card again until the "convenience check" loan was paid.
I don΄t have any debt obligations at the present time and was wondering which route would be the best route to go. Thanks in advance to any advice you could provide.
Answer Hi John, excellent question. I can't tell you what to do without knowing more info, but I can ask some questions that might get you thinking more broadly and lead to the answer that is best for your situation.
First, what will you be using the $10,000 - $15,000 for? How do you plan to pay it back?
If you pay it back using the minimum payments (15,000 loan at 4%), it will take you 209 months to be rid of your debt. In that time, you will pay $2,275.87 in interest. (play with it yourself at http://www.bankrate.com/brm/calc/MinPayment.asp). This is a minimum payment of 2.5% of the balance or $375 per month.
Interesting with the 2nd calculator: if you pay $375 per month, you'll pay it off in 43 months.
Another thing to check is the fine print. Can they raise your rates if you are late on any other bill? This is a new "twist" many credit card issuers are adding.
Just be sure what you are able to afford in terms of payback and the use of the money. Be sure to have reserves set aside for the life's usual "emergencies" like home/auto repair, medical expenses, job layoff or reduction, etc. Please don't use the money to create additional lifestyle expenses like purchasing a boat or airplane or fancy car. These "toys" are far more expensive to keep up than the initial payment!
Hope this helps. Let me know if you need more info.
You might also be interested in attending my free Intro to "Get Ready to be Rich!" program where we cover such things as spending plans, what you are really earning, money beliefs and much more! The next Intro classes will be on:
November 17 at 5 pm Pacific/7pm Eastern
December 3 at 7 pm Pacific/10 pm Eastern
December 15 at 6pm Pacific/9pm Eastern
You can read more about it at www.phelps-creek.com/archives.asp.
