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HUGE snowflake!

July 2nd, 2014 at 04:50 pm

So almost a month ago we had a storm and a branch fell on the roof of our popup camper, making a little hole in it. We got the insurance estimate yesterday - $5400. For something that we can patch ourselves with no problem. My husband asked them if we were allowed to keep the money and fix it ourselves, and they said absolutely. %5400, I can't believe it! Now what to do with it...

My list of credit cards on my sidebar are just the ones that I pay and are in my name. My husband has about $18000 of credit card debt in his name. A good chunk of his debt is at low promo rates, and even the part that isn't, is at lower rates that mine, so we haven't been putting any extra towards his cards yet, which is stressing him out. I really wanted to use that $5400 to pay off my Chase card and then put the rest towards the Discover and get that going, but there's only a % or two difference between my cards and his, and if it will make him feel better, then it's worth it to just let him use it all for his cards.

At some point (as we get things paid down) I'd really like to combine everything, but we'll see how it goes and who has the best rates and balance transfer deals.

Excited to pay off that big chunk though!

5 Responses to “HUGE snowflake!”

  1. Petunia 100 Says:

    Congrats on your "windfall". (Haha!)

    Do you and your husband do separate finances? If so, should you split the $5400 and each use it towards debt?

  2. Permanent Temp Says:

    Why isn't he using his money toward the cards? If he insists on putting money toward one of his cards why don't you let him have the $400 toward it. You would be in a better position I think to pay off both your Chase cards if your talking percentage wise.

    I love my husband but if I just went with every money idea he had we would be living in style, hungry and broke with with many children, high credit balances, brand new financed cars or SUVs and no emergency fund. Some of his ideas are good some are not. He's just sort of impatient not good at the big picture. I'm sort of conservative which can be good and has been so far.

    Have a discussion about your joint plan show him how you can pay off 2 cards right away putting the whole family in a better position. If he wants more money toward is cards now tell him to go out and get it. You made a plan that has allowed you to pay 5K off your cards talk to him and get him on board. Again is he insists maybe you can switch of months for cards but to me it makes more sense to knock out two cards leaving you with 4 payments to worry about instead of 6. You need peace of mind for yourself to keep doing what you are doing. You've done so well stick to it.

  3. doingitallwrong Says:

    If it's stressing him, maybe pay off your Chase card and let him use what's left on one of his cards. You might want to run a debt snowball calculation, including both of your cards, and see what kind of a difference various payoff options would make. If it's not significant, then some kind of split would be in order, but if there's a big difference he might feel better about putting everything toward your cards first.

    http://www.whatsthecost.com/snowball.aspx

  4. frugalredhead Says:

    He covers most of the big household bills, leaving him only enough to pay the minimums on his credit cards. I pay 6 of our 8 credit cards and my income from my 2nd job is what we're using to pay down the credit card debt. We sort of do separate finances - he pays mortgage, car payments, most utilities. I pay daycare, cell phones, few other miscellaneous small bills, plus credit cards. We each pay our own student loans.

    I'm not worried about the $855 Chase card - I pay an extra $1200 a month towards credit cards above and beyond the minimums, so my plan is to just pay the minimum on that until the month before the 0% is up. It's just $25 a month.

    I might talk to him about the idea of splitting it - if I take just enough to pay off the big Chase card, then he takes the rest, that might be the best compromise. As of now, I'll have the larger Chase card paid off by September anyway though.

    I did the math and paying off $5400 of his debt at 11.99% vs $5400 towards my Discover at 13.99% is still only a difference of $95 in interest over the course of a year.

    Thanks for all the input!

  5. Beawealthywarrior Says:

    I agree with Petunia, split the windfall

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