Author Topic: Pay down credit fast and charge next year's taxes? Thoughts?  (Read 761 times)

cyndre4

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Pay down credit fast and charge next year's taxes? Thoughts?
« on: March 18, 2016, 05:51:35 PM »
Hey everyone!
Last year, I paid down my 0% credit cards as fast as possible. Having found this site, I'm sure I'll go much faster this year, but, in short, I went from $67k to $44k. Nearly all of that debt was due to me building a tiny house, which is now renting on Airbnb. Most of that debt is once again in zero percent cards.
Does it make sense to not save for taxes and throw everything I've got at the loan, and charge taxes again next year? My credit is great, so I seem to have no trouble getting additional 0% cards. It seemed to work out OK this year, but am I missing something?
I'd love your thoughts and advice!
Andrea
P.S. I've dropped my eating out by 1/2 this month, planning on halving it again next month! Die debt, die!

hay_otsuka

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Re: Pay down credit fast and charge next year's taxes? Thoughts?
« Reply #1 on: March 18, 2016, 07:20:40 PM »
If you pay nothing until next year you likely will pay underpayment penalty(iirc aprox 4%) plus convenience fee next year  plus risk of not getting another 0% promo and having to pay penalty plus interest to IRS

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