PSA: Don't swipe recklessly for others

[joey89]

Speak to a competent financial advisor, not an anonymous internet forum.

+1, probably a trusted attorney as well

[ExGingi]

So set up a recurring transfer. Don't see why you would lock up your funds in a CD for no gain over that. Especially as rates continue to trend up.

I guess you're expecting a steeper inversion. 

[Mordyk]

Bankrupt only 1 name and at least only loose 17K not additional 33K

Never declare personal bankruptcy.   Especially for this amount. You wont find an advisor that will let.  Dont take my word for your final decision but I'm telling you that this will be their response.

[LoLo]

Transfer the balance to a 0% apr card.

[popcorn1508]

On this topic I have a friend who swiped his way into credit card debt of approx 30k. At this point all his cards are maxed out. He can afford to pay the minimum payments but that would take years to actually pay off. Is it worthwhile for him to just stop paying and then settle with the cc companies?

[Moshke]

Transfer the balance to a 0% apr card.

Thanks this sounds good.
What about just don’t pay and go to collections and settle for less?

[LoLo]

Speak to a competent advisor if you want to go down that road.

[cmey]

Another grocery is in process of collapsing..
Relative BH only $50K and already paid $17K from pocket.
Should they bankrupt or pay the rest?

Another?

[zh cohen]

Never declare personal bankruptcy.

Why?

[pointer]

I have a CD with BAM Apple Bank for 2.45%

Can get the same from CIT with no CD required.
https://www.dansdeals.com/points-travel/banking/cit-bank-now-offering-2-45-apy-savings-account/

Can get 2.5% (no CD required) with all american bank

https://allamerica.bank/personal/banking/checking/mega-money-market-checking

or with red neck bank (if you cool with redneckery.... )

https://redneck.bank/

[Dan]

get 2.5% with all american bank

https://allamerica.bank/personal/banking/checking/mega-money-market-checking

https://redneck.bank/

$50K max on these accounts and one account per person.

[ExGingi]

$50K max on these accounts and one account per person.

Also, be careful, with the MM accounts

**We include 6 free withdrawals per month. There is a $5 fee for each withdrawal after 6 per monthly statement cycle.

[ExGingi]

Can get 2.5% (no CD required) with all american bank

https://allamerica.bank/personal/banking/checking/mega-money-market-checking

or with red neck bank (if you cool with redneckery.... )

https://redneck.bank/

Redneck Bank is the Internet Banking Division of All America Bank®

[halperng]

On this topic I have a friend who swiped his way into credit card debt of approx 30k. At this point all his cards are maxed out. He can afford to pay the minimum payments but that would take years to actually pay off. Is it worthwhile for him to just stop paying and then settle with the cc companies?

it would be a many years long process with lots of phone calls from creditors and collectors, in the ends they add on interested and fees etc.. so when they "settle" it's really as much as a discount as you would think. As well in the beginning the settlement offers are not very good, only many years later do they get better. however still better than paying 26% interest

[pointer]

$50K max on these accounts and one account per person.

Didn't realize that...
https://apps.westernbanks.com/
2.5%, 3mm max, no minimum

[pointer]

Also, be careful, with the MM accounts

That's every savings account, no?

[ExGingi]

it would be a many years long process with lots of phone calls from creditors and collectors, in the ends they add on interested and fees etc.. so when they "settle" it's really as much as a discount as you would think. As well in the beginning the settlement offers are not very good, only many years later do they get better. however still better than paying 26% interest

If playing things right one can expect to settle for 30% or less, depending on circumstances, sizes of accounts, which banks, etc.

[knowitall]

Can we change the title of this thread to “best high yield savings accounts”

[12HRS]

That's every savings account, no?

Correct. Unsure of @ExGingi's point

[ExGingi]

Correct. Unsure of @ExGingi's point

The headline title when clicking on the link is "Mega Money Market® Checking" and if a checkbook is issued, one might mistake it for a checking account without said limitation.