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/biz/ - Business & Finance

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53633360 No.53633360 [Reply] [Original]

I turned $800 into $3k this past week in crypto. My credit card debt just happens to be $3k. Should I cash out and pay it off now or should I keep my money in the market?

>> No.53633555

>>53633360
Bump

>> No.53633578

>>53633360
Cash out $1k to reduce your debt to $2k. Use the rest to make more money.

>> No.53633584

Cash out now and pay. You had luck, that's it. But that luck will run out if you continue with that "coin" pyramid scheme.

>> No.53633681

>>53633360
Normally debt will outweigh any gains you might make. always get rid of debt first before trying to make money

>> No.53634093

>>53633360
KWAB

>> No.53635730

Only retarded people get in debt with credit cards, pay up already.

>> No.53636116
File: 1.57 MB, 1283x1195, Kevin R. Nash.png [View same] [iqdb] [saucenao] [google]
53636116

>>53633360
Cash out and pay your debt also KWAB

>> No.53636186

>>53633360
Are the stories about him true, /biz/?

>> No.53636218

congrats, you now owe short term cap gains on 2200.

>> No.53636798

>>53633360
Go full retard and take out more debt to buy crypto

>> No.53636843

>>53633578
Risk management fail. If he's so good at coin flipping surely he can do same thing again. So >>53633360 cash out 2200 and flip that 800 once more.

>> No.53636866
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53636866

>>53633360
You know for certain that the return on paying off that credit card is >20% annualized.
I understand that 1000x is sexier but maybe avoid credit card debt lol

>> No.53636897

>>53633360
Pay it off. You are due for a loss.

>> No.53637095

>>53633681

only undercover fed tards and rich people scared of the financial system collapse urge other ppl to pay their debts first

gamble away my friend, fuck the debts, no one can come for you if you can just kill yourself

>> No.53637208

>>53633360
At that rate you could be a millionaire in a year.

>>53635730
If you pay off your debt they lower your goy score.

>> No.53637234

>>53633360
>credit card debt
You must be severely retarded

>> No.53637249

>>53633360
if you pay off the $3k then you'll have less principal and interest you have to pay each month, which in turn can be put into coins if you please.

or if you don't care how long the $3k is on your card, maybe just keep trading. especially if that $3k is on some sort of BNPL 0% interest plan then what's the point of paying off early

>> No.53637263

>>53633360
pay off your debt you stupid nigger that shit is guaranteed to compound at 20%+ annually while you have like a 5% (at best) chance of outperforming that while trading

>> No.53637276

>>53633360
The smart thing to do would be to pay off your debt but the based thing to do would be to go all in with it

>> No.53637299

>>53633584
Crypto is bullshit. I swear its smarter to go with the money into a real casino and play the slotmachines. Crypto is the pyramid scheme of pyramid schemes.

>> No.53637305

>>53637208
>goy score
this is why i have credit cards
i have a bit over 5k in debt that accrues 0 % interest til december of this year. got more than enough cash to pay it off in full but i'd rather invest it while putting bills, insurance, etc on the card and just paying the monthly minimum until the interest free period runs out
the bank i have my everyday account with has a 32-month 0% interest plan with no balance transfer fee (and no yearly fee for the first year, $59 after).
i want to apply and get everything transfered over for another 2.75 years interest free, but i assume i'd have to close the other card
how much will it ding my credit score to a) apply for the other card and b) close the first card? it's at 805 right now

>> No.53637420

>>53633360
KWAB

>> No.53637434

>>53637305
>how much will it ding my credit score to a) apply for the other card and b) close the first card? it's at 805 right now
Only the credit jews can truly answer but if the card is your oldest card then closing it and opening a new one and paying all the debt off will probably drop you like a rock, since age of credit is the biggest factor.

>> No.53637470

>>53636218
Due April 2024. And he'll probably lose more than that by end of this year anyway.

>> No.53637519

>>53633360
never ever give away your capital in lump sums UNLESS the amount you'd save on interest matters. use your brain and realize that with this capital you can continue to make a % return and compound into much more, instead of giving it away. its finance 101 (time value of money)

>> No.53637590

>>53637434
> closing it and opening a new one and paying all the debt off will probably drop you like a rock
yeah that's what i' assumed as well
how the fuck do you even have an "excellent" score (>850) without being massively in debt? the whole system of credit and debt slavery is absolutely fucked

>> No.53637665

>>53633360

I would apply for a new credit card that you will use for only a single purpose.

Balance Transfer the old debt to a new card that has a 0% interest intro offer.

Many are great usually between 15-18 months. There is a one time fee of 3%.

So now your $3,000 debt becomes $3,090 on the new card but it doesn't accrue interest for the entire balance transfer intro offer.

Just make a Credit Karma account if you don't have one it will tell you the card you are most likely to qualify for with that perk.

On average you can get 15 months pretty easily so

$3,090/15=$206 payment per month.

Not too shabby and you still have capital to trade with just don't blow up kek

>> No.53637683

>>53637665
Additionally its amazing how many retards think debt should be paid before earning. Wealthy people take on debt and use it to provide cashflow. Then use cash flow to pay down debt.

Granting OP isn't wealthy but its poor thinking. He can always just declare bankruptcy and pay a fraction of his debt especially if he doesn't already own anything of value like a home.

>> No.53637931

>>53637683
this kind of tiktok financial content is genuinely irresponsible bait for idiots
>just declare bankrupcy bro!
yeah great advice for a 20-something. he should just open 5 credit cards to pay bills and rent, and then spend all his income gambling on shitcoins, right?

idiots like this make dave ramsay look like the lesser of two evils

>> No.53638000

>>53637931
>>just declare bankrupcy bro!

If literally has nothing then he has to take much larger risks than his counter parts to come out ahead.

Opening a new credit card STRICTLY for the balance transfer is fine. He shouldn't use it for anything else. No other debt or purchases added to it. It takes some discipline On top of that maybe he should moderate his spending that got him to the $3000 debt in the first place.

The fact you can't see any nuance here means you are just projecting and know YOU would fuck up what I suggested. He might not though.

Once the old card is clear that had the original debt he should figure out what got him there but passing the debt onto a new card is a viable strategy. Funny thing is when the 15-18 months of his interest free offer are about up he can do another balance transfer if he didn't pay the entire thing off.

Its literally a 3% loan for on average 1.5 years why wouldn't you utilize it?