I had about $2500 of credit card debt, got my tax return (was expecting $2100 but got $1400 cuz of a mixup with my accountant so all the budgeting I did kinda went out the window + unplanned expenses)
I put the whole $1400 towards credit card debt so I owed a little more than $1k but my car needs quite a bit of maintenance at the moment and I'm in a tight spot. (I can't wait a couple months either if I don't want it to damage other car parts and makes it even more expensive, if it weren't for that I would wait)
I'm trying to save for a down payment for a first home and absolutely don't want to touch my savings as it's been so hard to get to $5k
Right now after buying a couple car parts + other, I owe about $1.5k but I do need to do a $2k purchase for my car and I'm not sure if I should take out a personal loan or take payments with my scotiabank credit card (i'm eligible for scotiaselectpay on any purchase over $100 to make smaller monthly payments, I'd take payments for 12 months for $168/month + regular interest, there isn't additional interest for the scotiaselectpay)
I don't know which of the 2 options would hurt my credit most, I'm at 755 at the moment and my creditcard has a balance limit of $3.5k
original posted by mutamoutarde to r/personalfinance on Tue, 19 Mar 2024 23:22:54 GMT.