[paulstein]

I really like silver right here. Physical of course. When you look at the numismatic premium that eagles carry, it's kind of silly to worry about a dollar or two on spot. Rounds are always cheaper than coins but can be less liquid so I think it's better to suck up the premiums and buy the sovereigns.

At the very least silver will retain it's purchasing power. That's a good enough return for me when you consider that real inflation is somewhere between 7 & 10%.

[michaelm]

This should not be a balancing act with debt and cash. PAY OFF YOUR DEBT!

[samsamsam]

(06-11-2014 10:56 AM)michaelm Wrote:  

This should not be a balancing act with debt and cash. PAY OFF YOUR DEBT!

Going to have to politely disagree here. His int rates are manageable and fairly generous (historical basis). Should he be able to find investments that have good returns he could come out ahead. Just depends on his risk profile and his situation, which he knows better than us. I would be curious to hear what JB has to say, has not posted on this thread in a bit.

[Menace]

If businesses use debt to expand (and they all do), why can't people intelligently use debt to expand as well (their life/experiences/choices)?

The one thing people always say is that if you lose your job, you're fucked. And that's true...but suppose there is no chance of that. Still pay off debt?

[Vaun]

Pay the debt off asap. The cost of the debt, plus the little if any appreciation, minus the depreciation of the car, costs more than can be made investing. Keep a running total of the cost of your debt, that should tell you enough.

[Vaun]

(06-11-2014 11:42 AM)Menace Wrote:  

If businesses use debt to expand (and they all do), why can't people intelligently use debt to expand as well (their life/experiences/choices)?

because businesses float their debt, 30, 60, 90 days or longer. Try doing that with a credit card.

[Menace]

(06-11-2014 11:49 AM)Vaun Wrote:  

(06-11-2014 11:42 AM)Menace Wrote:  

If businesses use debt to expand (and they all do), why can't people intelligently use debt to expand as well (their life/experiences/choices)?

because businesses float their debt, 30, 60, 90 days or longer. Try doing that with a credit card.

If we are talking about cc debt, I completely I agree. Those must be used and paid off every statement period.

However, op is talking about a mortgage payment and car note. Does it make sense to pay those off asap? I would say no. You might consider refinancing...but unless you can go down at least 1% on the mortgage I wouldn't bother.

Incidentally, this is why having a good credit score is important. You can get really good interest rates on loans. For example, I have a car note at 1.99%. Why would I pay fully in cash or pay this off when I have essentially a free loan?

[jamaicabound]

(06-11-2014 06:40 PM)Menace Wrote:  

(06-11-2014 11:49 AM)Vaun Wrote:  

(06-11-2014 11:42 AM)Menace Wrote:  

If businesses use debt to expand (and they all do), why can't people intelligently use debt to expand as well (their life/experiences/choices)?

because businesses float their debt, 30, 60, 90 days or longer. Try doing that with a credit card.

If we are talking about cc debt, I completely I agree. Those must be used and paid off every statement period.

However, op is talking about a mortgage payment and car note. Does it make sense to pay those off asap? I would say no. You might consider refinancing...but unless you can go down at least 1% on the mortgage I wouldn't bother.

Incidentally, this is why having a good credit score is important. You can get really good interest rates on loans. For example, I have a car note at 1.99%. Why would I pay fully in cash or pay this off when I have essentially a free loan?

You bring up a good point about business vs individuals. I agree withh you and others thhat obviously don't float CC debt but as far as acquiiring debt to make money that's exactly what landlords do with rental properties. I dont have 100k to buy a house but if I got 20k to put down I'm now 80k in debt but also have an asset making me money.

I'm looking heavily into rental properties right now. I'm kinda torn, I know the smart thing to do would be buy them in the same area, use same maintenance guys, lawn guys, etc. That said part of me wants one place in the city one in the burbs so I can bounce back and forth if I have a vacancy and have best of both worlds. I found a really cool place on the oustkirst of the city, above a bar on a street with a bit strip of bars, spiral staircase, exposed brick walls, 2 story condo. Only 159k which isn't bad for Chicago however downside when you look at rent to cost ratio. I can rent the place for $1300 but its gonna cost 159k, in some other areas I can buy a place for 20k and rent it for 700 or buy a place for 40k and rent for 1200.

Also as some others have said, I like silver righht now too. If we can get a dip below 18 ill probably buy a monster box of eagles

[JayJuanGee]

(06-10-2014 02:11 AM)redbeard Wrote:  

"Everyone here at RooshV needs to understand that governments are not our friends. This is not a left-right issue. It is a simple mathematics issue. The poor have nothing and the rich are too smart with their money. That only leaves those in the middle. Don't make yourself an easy target come the day of reckoning, and don't hamstring your ability to outrun that."

Bingo! We have a winner!

That is a political issue, sorry to say.

[JayJuanGee]

There are a lot of great suggestions and considerations within this thread.

Personally, I do get the sense that you are giving too much weight to having cash on hand for the possibility of investment b/c you have an inadequate system in place to monitor your cashflow over the next year or two.

Surely, there do tend to be several uncertainties in projecting cash flows; however, most aspects of your cashflow seem to be fairly projectable.

Personally, I use a few Excel spreadsheets to project my cashflow for 12 to 24 months, and within the Excel spreadsheets, I am able to monitor my monthly changes in my income stream historically and projected. I set up a variety of categories of things that I can monitor.

I can also project and recalculate to the extent needed classes of assets and the extent to which they are liquid or NOT liquid. Inevitably, I tend to keep some cash on hand, and the cash is usually kept in various online accounts, so is NOT earning very good interest (around 1%), but I also try NOT to keep too much debt, unless I consider that debt that I have to be fueling some investment that it likely to earn more appreciation than the interest of servicing the debt.

I also want to be able to pull from some liquid asset in the event that my basic foundational cashflows dry up unexpectedly (those are my 6-12 month emergency funds, which have become more and more able to maintain me b/c I have NOT really had to draw into them over the years, knock on wood).

You asked about a place to potentially invest $15 to 20K for 6 months to a year, and I would suggest putting all or some of that into bitcoin. Guys here may NOT agree about the viability of bitcoin; however, the reason that I suggest bitcoin is that it has very good potential in the next 6-12 months b/c it has been down over the last 9 months, and it is fairly easy to self-manage (to get in and out quickly) and you can chose whatever amount is within your risk tolerance. Surely a downside to bitcoin is coming to understand it sufficiently, and many people (even in financial circles) seem to still be having troubles with such understandings b/c there does tend to be quite a bit of misinformation out there regarding bitcoin and its potential (and its pitfalls).

[General Stalin]

Moving into a new place this weekend - having moved to a new part of the country about 7 months ago I'm finally settling in and very relieved.

Thinking more seriously about budget and did a rough cut of my net income vs expenses last night. Considering whether I should put all my monthly disposable income into paying off debts or putting it away to pad my bank account as I do not have any "fuck you" money saved up. I have some savings, but not a comfortable amount.

A have 3 credit accounts with a balance, two of which can be gotten rid of relatively quickly.

My credit accounts are:

Auto Loan - remaining balance = $18,000 @ 5.74%
Unsecured Loan - remaining balance = $2,300 @ 9.09%
Credit Card - remaining balance = $5,000 @ 16.15%

Basic finances tell me knocking off the smallest account first is the way to go, then I can add the extra savings onto paying off the next largest in line - but the credit card is high APR and it might may more sense to focus on paying that off as it will end up costing me more in the long run the longer it holds a balance.

What do you recommend?

[Oilrig]

Dave Ramsey would say to knock off your smallest debt first then once you do that, go after your second smallest debt. Because it's a psychological achievement every time you pay off the smallest debt. This is what I did and I was able to get out of credit card debt pretty fast. However, most financial experts would say to go after the highest interest debt first.

Me personally, I'd knock out the 2k debt first then start going after that 5k high interest debt. Then after that worry about the car loan.

[Peregrine]

Pay off the credit card debt first. It's highest interest. Use the fact that you're making the optimal financial play as your psychological boost.

[Ensam]

(04-30-2016 01:29 PM)General Stalin Wrote:  

Moving into a new place this weekend - having moved to a new part of the country about 7 months ago I'm finally settling in and very relieved.

Thinking more seriously about budget and did a rough cut of my net income vs expenses last night. Considering whether I should put all my monthly disposable income into paying off debts or putting it away to pad my bank account as I do not have any "fuck you" money saved up. I have some savings, but not a comfortable amount.

How much are you actually able to save each month - over the past 6 months how much have you saved? Historical performance is the best predictor of future performance.

Quote:

A have 3 credit accounts with a balance, two of which can be gotten rid of relatively quickly.

My credit accounts are:

Auto Loan - remaining balance = $18,000 @ 5.74%
Unsecured Loan - remaining balance = $2,300 @ 9.09%
Credit Card - remaining balance = $5,000 @ 16.15%

Basic finances tell me knocking off the smallest account first is the way to go, then I can add the extra savings onto paying off the next largest in line - but the credit card is high APR and it might may more sense to focus on paying that off as it will end up costing me more in the long run the longer it holds a balance.

What do you recommend?

Try and move the CC debt to a lower interest rate. There are lots of cards now that offer 0% interest on balance transfers and relatively low balance transfer fees (2-5%). Your currently paying 1.3%/month so unless you think you'll have the debt paid off in 2-3 months it's probably worth paying the transfer fee. Only do this if you are totally positive you'll be able to pay off the card during the 0% interest rate period! Otherwise try and take out another personal loan to cover the CC. Then you'll be in the 9-12% range. Ever little bit helps.

If the difference in interest rates was 1 or 2% I'd say pay down the lowest balance first, but 16.9% is way higher than 9.09%. Every $100 you pay on the CC will reduce your interest payment by $1.33 per month where as every $100 on the personal loan will reduce your interest payment by $0.75/month.

[mogsy]

I think the key is what your plans will be for the money if you don't pay your debts, if it is just to leave the money in a savings account with a lower rate then it makes sense to pay the debts off first. If your actively looking for business opportunities then you would easily be able to get a return higher than the percentage your paying on your debt, it really depends on what risks your happy to take to invest the money.

[redbeard]

(04-30-2016 01:29 PM)General Stalin Wrote:  

Thinking more seriously about budget and did a rough cut of my net income vs expenses last night. Considering whether I should put all my monthly disposable income into paying off debts or putting it away to pad my bank account as I do not have any "fuck you" money saved up. I have some savings, but not a comfortable amount.

Here's the brass tax of your question.

How much "fuck you" money you have is widely a personal topic. Every financial expert will recommend a set number in order to please the readers. I think Dave Ramsey says 4 months expenses...I take a Ramit approach, that it's a case by case issue.

There's a few questions you have to consider when determining how much you keep liquid:

What are your monthly expenses?
How constant is your income?
What happens if you get laid off?
How much debt do you have?
How much money do you put in side ventures?
Are you saving up for a large purchase (car, bang mission)?

End of the day - minimize expenses, maximize income, keep enough cash on hand for a rainy day. How much you have is personal preference.

[John Michael Kane]

(04-30-2016 02:22 PM)Ensam Wrote:  

(04-30-2016 01:29 PM)General Stalin Wrote:  

Moving into a new place this weekend - having moved to a new part of the country about 7 months ago I'm finally settling in and very relieved.

Thinking more seriously about budget and did a rough cut of my net income vs expenses last night. Considering whether I should put all my monthly disposable income into paying off debts or putting it away to pad my bank account as I do not have any "fuck you" money saved up. I have some savings, but not a comfortable amount.

How much are you actually able to save each month - over the past 6 months how much have you saved? Historical performance is the best predictor of future performance.

Quote:

A have 3 credit accounts with a balance, two of which can be gotten rid of relatively quickly.

My credit accounts are:

Auto Loan - remaining balance = $18,000 @ 5.74%
Unsecured Loan - remaining balance = $2,300 @ 9.09%
Credit Card - remaining balance = $5,000 @ 16.15%

Basic finances tell me knocking off the smallest account first is the way to go, then I can add the extra savings onto paying off the next largest in line - but the credit card is high APR and it might may more sense to focus on paying that off as it will end up costing me more in the long run the longer it holds a balance.

What do you recommend?

Try and move the CC debt to a lower interest rate. There are lots of cards now that offer 0% interest on balance transfers and relatively low balance transfer fees (2-5%). Your currently paying 1.3%/month so unless you think you'll have the debt paid off in 2-3 months it's probably worth paying the transfer fee. Only do this if you are totally positive you'll be able to pay off the card during the 0% interest rate period! Otherwise try and take out another personal loan to cover the CC. Then you'll be in the 9-12% range. Ever little bit helps.

If the difference in interest rates was 1 or 2% I'd say pay down the lowest balance first, but 16.9% is way higher than 9.09%. Every $100 you pay on the CC will reduce your interest payment by $1.33 per month where as every $100 on the personal loan will reduce your interest payment by $0.75/month.

Solid post right here. The fastest way to pay off a debt is not to pay off the smallest debt first, it is to pay off the debt with the highest current interest rate. In your case, that is your credit cards. First off, what is your credit score? You can get one for free from Credit Karma to find out if you're in the range or not to qualify for a new credit card. If your credit is mostly decent, then apply for a credit card with a long intro APR on balance transfers.

A quick bit of research shows that Citi has one that is 0% for 21 months, with a 3% BT fee:

http://creditcards.citicards.com/usc/sim...374F37E6FA

If you can get approved for that card, transfer your entire balance of your existing, higher APR card to it. Also, if you have any credit limit left over after the first transfer, transfer as much as possible of your unsecured loan to it. You'll have nearly two years to pay off two debts, but at a much lower interest rate. Continue to make the payments on your car loan, and even a little bit extra if you can afford it. Towards the end of the 21 months for the balance transfer, you should try to save up extra money to pay off the remaining balance. If you can't pay it all off by the time 21 months has gone by, look into applying for another card with 0% intro on BT. Rinse and repeat until you have your debt paid off.

[JacksonRev]

This thread is timely. I just maxed all my credit cards from zero for an investment opportunity. Even opened up a new zero interest card, and will probably open another. I have a 60% return this past month, and should pull another 60 the next two months before it slows down.

I say all that to illustrate potential cash flow for semi- sure things: untapped cc debt plus new accounts. Things to have for this is the ability to sell enough assets in the the near term if you have to, and if you have the ability to move assets out from your own name if things go south, then you can keep your cash on hand requirements to a minimum.

Chase Slate was the best zero APR I could find, because it's the only one that also has a zero balance transfer fee, where most of the other cards have 2-5 for the transfer, even though they have zero interest after the transfer.

https://creditcards.chase.com/slate-cred...81H=Y71UH0

[General Stalin]

Great responses so far thanks comrades!

@ Ensam

Realistically I could only afford to put away around $400 monthly at the moment after all bills, expenses, and misc. is factored in. My side hustle game is at a standstill right now so working on supplemental income is my next venture.

Balance transfer is a good idea, as also echoed by JMK. I've done this before with success (with the same credit card). This credit card is a high int rate because it was the first card I ever opened back when I was like 19. I keep it open because having long-lasting credit accounts is good for your credit history.

I opened a Chase card last year and transferred this card's balance to it. 12 month introductory 0% APR, and 0 transfer fee. I payed it off before the introductory period ended. It may be smart to consider doing that again as you both mentioned.

@ redbeard

That's a good question. I certainly don't have enough to cover my expenses for months on end in case of an emergency where I suddenly lose my job and can't find work for a long time. I guess that would be a good starting point - building up healthy rainy day fund. beyond that, I'd love to have enough money where I could take a brief international vacation or make a large purchase every so often and not be worried about recovering from it.

With my employment situation, I don't see myself at risk of losing that steady paycheck, but you never know...

@ JMK

Credit score is good. I have credit tracker services with my credit card and I'm seeing 727 from TransUnion and 672 from Experian. Primary culprit for my score being less than excellent is credit utilization which is another reason why I'm thinking knocking down my CC debt would be most beneficial.

[John Michael Kane]

(04-30-2016 03:25 PM)JacksonRev Wrote:  

This thread is timely. I just maxed all my credit cards from zero for an investment opportunity. Even opened up a new zero interest card, and will probably open another. I have a 60% return this past month, and should pull another 60 the next two months before it slows down.

I say all that to illustrate potential cash flow for semi- sure things: untapped cc debt plus new accounts. Things to have for this is the ability to sell enough assets in the the near term if you have to, and if you have the ability to move assets out from your own name if things go south, then you can keep your cash on hand requirements to a minimum.

Chase Slate was the best zero APR I could find, because it's the only one that also has a zero balance transfer fee, where most of the other cards have 2-5 for the transfer, even though they have zero interest after the transfer.

https://creditcards.chase.com/slate-cred...81H=Y71UH0

How did you use the credit cards for an investment opportunity? Details please.

Comrade Stalin,

If you haven't done so recently, I also recommend pulling your annual free credit reports here:

http://www.annualcreditreport.com

Double check to make sure you have no negatives (especially collections, even small ones).

If anyone has negatives on their credit report, I highly reccomend joining this free forum that has a really active community for those trying to clean up their credit:

http://www.creditboards.com

To learn more about credit card under-writing standards and whether or not you'll get approved before you apply, they have a search tool:

https://creditboards.com/forums/index.ph...reditpulls

Enter in "chase" in the Creditor Name field, and you'll get info for everyone who applied for Chase cards. You can obviously use this for other lenders prior to applying. If you get approved for another card, your utilization ratios will go down, as you'll have a better overall debt-to-available-credit ratio. Remember, an inquiry on your credit report disappears after two years, and certainly shouldn't be reason enough not to apply for a new card when it could save you hundreds or even thousands of dollars over the course of many months of not paying interest, even with nominal balance transfer fees.

One final tip for those unable to get approved for new cards for balance transfers:

If you call your credit card company, ask them to lower your APR, or that you're having financial hardship right now paying off the debt because the interest is too high. I had my brother do this with about $15k worth of CC debt. He was able to get them to lower it between 1-3% per card on most cards, and one even gave him a bonus payoff for each payment he made over the minimum. Bite the bullet and make the call!

[RatInTheWoods]

Spend it on beak and hookers and waste the rest.

[Gorgiass]

If you do lose your job or the like but have credit, you can re-rack up the debt you've been paying off. Until then it would make most sense to pay it down and think of the credit card breathing room as your bugout fund if you need to.

Start with the high interest rate debt, you would save $160 in one year of having that $2300 taken off your credit balance rather than the loan balance. To be clear, that's the difference in the interest rates, not just the total interest savings. 16% is a huge return on investment, but it's just as much of a hit when you're the one paying it out to the other investors. Clear that up.

[JayJuanGee]

(04-30-2016 03:40 PM)General Stalin Wrote:  

Balance transfer is a good idea, as also echoed by JMK. I've done this before with success (with the same credit card). This credit card is a high int rate because it was the first card I ever opened back when I was like 19. I keep it open because having long-lasting credit accounts is good for your credit history.

I believe that I started doing this around 2002 or 2003, and over the years, I have learned that there is a way to do it in order to rotate cards and also to build up your credit score and credit history. I think that I took some breaks too, but I have probably done it more than 15 times over the years.

Sometimes, it does not work so well if you attempt to use the same company, and so in some sense, you have to attempt to play them in order that they are competing with one another for your business.. Like for example, you can apply or do the preliminary inquiry into it and then if they give you a lesser credit amount then you can request an increase before starting to use the service. Yeah, sometimes, it will not look too good if you apply for too many at the same time (because they can see all of that), but you can also attempt to maximize your cash flow. Usually I would only have one or two open at a time, but currently, I have three of the zero percentage ones opened up.

(04-30-2016 03:40 PM)General Stalin Wrote:  

I opened a Chase card last year and transferred this card's balance to it. 12 month introductory 0% APR, and 0 transfer fee. I payed it off before the introductory period ended. It may be smart to consider doing that again as you both mentioned.

I think that my earlier days of building credit, it was a bit easier for them to turn me down, but as your credit history builds up, it becomes more difficult for them to do it because they will likely realize that you will go somewhere else.

(04-30-2016 03:40 PM)General Stalin Wrote:  

With my employment situation, I don't see myself at risk of losing that steady paycheck, but you never know...

if you can kind of get into a rotating credit groove, then you make sure that you are able to pay all of them off, so you build up enough cash at the time that they come due, in case you cannot get another credit approval. You can accomplish this by projecting your income ahead of time and your various expenses.. and then having enough cash that builds up during the time that you would be able to transfer it over to the credit card payment in the worse case that you are not able to get another zero percent offering... that also helps you to build a money base and to have it somewhere in case you lose your cash flow (such as your job).

(04-30-2016 03:40 PM)General Stalin Wrote:  

Credit score is good. I have credit tracker services with my credit card and I'm seeing 727 from TransUnion and 672 from Experian. Primary culprit for my score being less than excellent is credit utilization which is another reason why I'm thinking knocking down my CC debt would be most beneficial.

By taking advantage of a variety of zero percentage offers that can be very helpful to build your credit score, and it is also very good to have way more credit than you are using, so you gotta be careful regarding closing accounts or even closing an account in which you have a long history. The score by itself is not necessarily going to get you approved for another account, but a history that shows that others have entrusted you with large sums of money and you have made your payments..

In making payments, you be sure to make the minimum payment every single month and don't lose track and also to build up your cash on the side in order that you can pay the whole balance before it converts away from the zero percent offer... or at least minimize the time that you are paying any percentage.

[JayJuanGee]

(04-30-2016 03:52 PM)John Michael Kane Wrote:  

(04-30-2016 03:25 PM)JacksonRev Wrote:  

This thread is timely. I just maxed all my credit cards from zero for an investment opportunity. Even opened up a new zero interest card, and will probably open another. I have a 60% return this past month, and should pull another 60 the next two months before it slows down.

I say all that to illustrate potential cash flow for semi- sure things: untapped cc debt plus new accounts. Things to have for this is the ability to sell enough assets in the the near term if you have to, and if you have the ability to move assets out from your own name if things go south, then you can keep your cash on hand requirements to a minimum.

Chase Slate was the best zero APR I could find, because it's the only one that also has a zero balance transfer fee, where most of the other cards have 2-5 for the transfer, even though they have zero interest after the transfer.

https://creditcards.chase.com/slate-cred...81H=Y71UH0

How did you use the credit cards for an investment opportunity? Details please.

Comrade Stalin,

If you haven't done so recently, I also recommend pulling your annual free credit reports here:

http://www.annualcreditreport.com

Double check to make sure you have no negatives (especially collections, even small ones).

If anyone has negatives on their credit report, I highly reccomend joining this free forum that has a really active community for those trying to clean up their credit:

http://www.creditboards.com

To learn more about credit card under-writing standards and whether or not you'll get approved before you apply, they have a search tool:

https://creditboards.com/forums/index.ph...reditpulls

Enter in "chase" in the Creditor Name field, and you'll get info for everyone who applied for Chase cards. You can obviously use this for other lenders prior to applying. If you get approved for another card, your utilization ratios will go down, as you'll have a better overall debt-to-available-credit ratio. Remember, an inquiry on your credit report disappears after two years, and certainly shouldn't be reason enough not to apply for a new card when it could save you hundreds or even thousands of dollars over the course of many months of not paying interest, even with nominal balance transfer fees.

One final tip for those unable to get approved for new cards for balance transfers:

If you call your credit card company, ask them to lower your APR, or that you're having financial hardship right now paying off the debt because the interest is too high. I had my brother do this with about $15k worth of CC debt. He was able to get them to lower it between 1-3% per card on most cards, and one even gave him a bonus payoff for each payment he made over the minimum. Bite the bullet and make the call!

JMK... I don't disagree with you completely, but i differ with you a little bit regarding perceptions about negative credit and whether you negotiate reduced rates.

First, overall, I think that it is a better framework to attempt to build your positives, and the negatives (if any) will become less and less important within the total context. Over time, build a lot of credit cards and do this over time without rushing it too much and then use your various credit cards and be sure to pay each and everyone of them off every month... and if there are any outstanding that you are not able to pay off, those should be the ones with the lowest interest rates.

Second, yes there may be times in which you plead some mercy... but that should probably be the backup plan rather than the main plan.. you want to try to get both cash flow and zero fees (or low fees) interest credit to cover everything, and if you cannot get enough, then work on reducing the rate on the high interest one..

[John Michael Kane]

I don't think we disagree. Everything you said in your last post makes sense, just a difference of strategy. Ideally, you get balance transfers over reducing APRs by begging the banks. Even if they reduce your rates, they will still be more than the commonly available 0% balance transfer offers, even factoring the 2-3% fees.

It really depends upon the interest rates of the debts.

Take for instance General Stalin's debts:

Auto Loan - remaining balance = $18,000 @ 5.74%
Unsecured Loan - remaining balance = $2,300 @ 9.09%
Credit Card - remaining balance = $5,000 @ 16.15%

His auto loan is most likely on fixed payments per month. It should be an installment loan. General Stalin, how much is your monthly payment for your car? Also, how old is the car, and how many miles do you have on it? Depending upon his credit, he may qualify to refinance his car loan, with a better rate through a credit union. Most of them have lower rates than that of commercial banks.

As for his unsecured loan at 9.09% and his credit card at 16.15%, it is HIGHLY unlikely that he will be able to invest whatever extra funds he has in the marketplace and get reliable returns that will best those numbers, especially after paying capital gains. I strongly reccomend that he build up a 3-6 month emergency fund first. Any additional funds that he can save, should go towards servicing the above debt. Ideally, he transfers it out to a 0% card, and he makes only the minimum payments for now, while saving the extra amounts and putting it in a high-interest savings account. Doing so will keep him liquid, plus have the funds available in case of emergency, plus to pay off the balance transfer(s) at the end of their term.

So, to recap:

For General Stalin:

1. Get a balance transfer for your unsecured loan and credit card debt ASAP.
2. Pay only the minimum monthly payment on the new 0% card.
3. Save the extra money that you aren't paying towards your new 0% debt and set it aside for an emergency, and also to pay off the new 0% card after the promotion period ends.
4. If he still has extra funds saved up, he can attack his car loan with more than the minimum payment. But even before he does that, I suggest he look into Penfed or USAA or Navy Federal credit unions to see if he can refinance that car note at a lower rate. I've been offered car loan rates at half of what he's currently paying.

The first step to paying off debt fast is lower your rates!

Oh, and check my signature, I just created a guide tonight on how to become more credit savvy. You might find it helpful.