pay off cc or put into savings?
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Anonymous
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I am about to receive approximately 4k which is what I owe in cc debt. I have 12k in savings which will cover about 3 months of expenses. Aside from the 4k, I will likely not be able to make a significant contribution to the savings or a large payment on the debt for the next two years. (Well, maybe I will get a thousand or two as a tax refund next year.)
I would prefer to pay off the cc debt, because of the interest, but I know how fast 12k can go if there were an emergency or a job loss. I have two little kids. Which should I do? |
Anonymous
| pay off cc. no-brainer. |
Anonymous
| Card!!! |
Anonymous
| Are you just paying the minimum on the cc? After you pay off the balance on the cc, just divert whatever you would have paid into savings. |
Anonymous
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What 15:26 said. Pay off the credit card and then freeze it in a block of ice. Then pay yourself what you've been paying Visa.
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Anonymous
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No, I'm paying about $80 to $120 over the minimum each month now. I will be going to grad school in the fall so money will be much tighter and I will only be able to make small payments on the debt (though still over minimum). That's why I was thinking it might be good to have a large cushion because the minimum payment is only 40 or so a month.
I think I'll just pay it off though - otherwise it will just hang around forever. Thanks! |
Anonymous
If you pay off the card and then keep it paid off monthly, you can always charge extra in an emergency. |
Anonymous
| Pay off card -- you pay more interest on it than you can earn in savings. Save after card is paid off. |
Anonymous
| Pay off the card!!!! |
Anonymous
| Pay off the credit card, no question. |
Anonymous
Yup. |
Anonymous
| I don't even need to read the post. Cc. |
Anonymous
yup. |
Anonymous
| Pay the card. If you end up in some kind of emergency and blow through the 12k, then you can use the cards at that time. |
Anonymous
| Exactly, 19:02 |