Financial advice about debt?

I have two credit lines one for $20,000 limit @ 7.99%, with a $4838 balance. I have my auto loan that is $14700@ 10%. Im trying to figure the best thing to do. I can transfer the auto loan onto the credit line %26amp; it will be 0%int for 1yr. Or should I pay off the 4838 then transfer the auto loan? I have about $27,000 saved up but im not trying to deplete my savings.Financial advice about debt?
first of all take $4,838 and pay off your credit card (once that is paid off you will have extra money each month to put back toward your savings) Once that is paid off then transfer your auto loan to your credit card BUT before you do that read through the fine print on your credit card and make sure there arent any major stipulations! For example a lot of credit cards will real you in with the 0% interest for a year, but what you dont read is that if you miss a payment, or you dont pay your minimum each month it will go up to some ridicules percentage rate each month like 22% of something (telling you this from personal experience)


The 0% is a good idea as long as you read everything in the paperwork!Financial advice about debt?
What are you earning on your savings? 1%?


If you have no debts you can get away with just having 3 months salary in savings.


I would take some of that savings and make an attempt to live debt free. It's a great feeling.


/
PAY OFF CREDIT CARD FIRST
Zero interest is good! Transferring would be good, but the 4838 balance would be still at 7.99. I would transfer the auto and plan on getting a better rate on your credit line in a few months. Interest rates should be falling soon.
I would pay off your car loan with your savings then put the amount that you were paying on your car to your credit line with the $4838 until that is paid off then take all this money to replenish your savings account.
Personally, I would pay back all of your debt with your savings. Once you are debt free and not making payments on these loans, you will have additional income available to save and invest.
Dave Ramsey says that about 80% of Personal Finance is emotional and 20% is about math. Since I am a DR fan, I'd suggest you pay off ALL YOUR DEBT NOW. WHY?





1. Your extra disposable income can go toward building your savings back up in no time.


2. You still won't have any worries if a super emergency comes along because you apparently have maintained good credit.





He always asks, ';If you didn't have any debt, would you go borrow money at 7.99% to invest at 1 or 2%?'; Usually the answer is no.





PS. If you transferred the car loan first to your LOC, then I suspect the fine print states that ALL YOUR PAYMENTS after that will FIRST go to your interest-free transfer. THUS, you will continue to accrue interest on the full 4838 at 7.99 until your car is paid in full. So chances are, you won't be saving much if anything.





Good Luck whatever you do....
Yes have to agree, the 1st thing you must do is pay off the $4838 at 7.99 percent, then transfer the auto loan to the 0 percent for a year making sure you meet the minimum payment on time. Your savings will then be significantly enhanced by the monthly repayment on the $4838 plus interest not having to be made and the interest saving on the $14,700 at 10 percent not having to be paid, Sounds like you have a decent credit rating so at the end of the year I'd open another credit line up that gives you a new 0 percent balance transfer offer!