JohnQK
JohnQK t1_jefsar3 wrote
You should always pay as much as you are able without putting yourself at risk. This reduces the total amount paid and, eventually, removes the payment entirely sooner, which increases savings.
JohnQK t1_jefs219 wrote
Reply to I've got money sitting on a BoA savings account not earning me interest, what should I do? by [deleted]
>Ive seen some online banks (that are fdic insurred) offer 5% on savings accounts.
Avoid these like the plague. They are extremely dangerous. Note: because a major online bank purchases a lot of sponsored content, you're going to get a lot of recommendations for it here. Disregard, they are no ally of yours.
Finding a real bank or credit union in your area that offers similar rates is the best bet.
JohnQK t1_jefqdct wrote
If they're no longer necessary, it's always a good idea to cancel the cards. It doesn't help or solve the problem, but it does reduce risk and prevent future use.
As far as solving the problem, there are two solutions. Paying it or filing for bankruptcy. Under the paying it option, there's two paths: paying it all over time (downside: takes time, costs more) or paying a portion as a settlement (downside: get a 1099c for the difference).
JohnQK t1_jeg7zmo wrote
Reply to comment by Cruian in There's no reason to pay more than the minimum for these debts, right? by [deleted]
This is not correct. In addition, watch out for keywords often used by scammers, such as "HYSA."