Credit Card Advice

[Skooby]

Thanks all! It does feel good to know that pretty soon I will have ZERO credit card debt!

I did not cash out my TSP, I still have that. It's now up to 20,889.60. But it goes up and down as the stock does. I'm looking to transfer it somewhere else since it seems my days with the government are over. I gotta start back contributing to it. I was thinking about an online bank, somewhere with a fixed rate if that possible. I think online banks usually have better rates...correct? But i've got to figure out which one is best for that.

[ktmarvels]

I'm glad that you didn't cash out your TSP. However from your last post it sounds like you want to put it into an online savings account. THIS IS NOT A GOOD IDEA. You will have to start paying taxes on it. The best option is to roll-over your TSP to a traditional IRA or to a new 401(k). Some online banks also have retirement accounts, but they are separate from their normal savings/checking accounts.

[Skooby]

Originally Posted by ktmarvels

I'm glad that you didn't cash out your TSP. However from your last post it sounds like you want to put it into an online savings account. THIS IS NOT A GOOD IDEA. You will have to start paying taxes on it. The best option is to roll-over your TSP to a traditional IRA or to a new 401(k). Some online banks also have retirement accounts, but they are separate from their normal savings/checking accounts.

Yeah, that's what I mean to say. I'm going to transfer it to a traditional IRA.

Maybe E*Trade for the IRA: https://us.etrade.com/e/t/home/iracd?_skinnertab=bank

And GMAC Bank for a Money Market Account: GMAC Bank : High Interest Money Market Savings Account

[Lindahfx]

Great job!!!

[Skooby]

n/m...see new post.

[EverydayFinance]

I'm surprised borrowing through Prosper.com didn't come up in the conversation. I've posted extensively on this at my site, but essentially, with the FICO score listed and no previous public records, etc. you could probably get a real good interest rate way below these credit card rates. If you're this close to paying it off now, may not be worth the time and energy to apply and get the loan, but essentially, for borrowers, it's completely risk free. I generally see people with credit card rates of 25% plus, getting loans through Prosper at 13-16% with B-C credit scores. Anyone else reading the thread should consider it. If you want more info and advice on Prosper, fee free to stop in at everydayfinance.

Dan