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Money and Finances
Reply to "What to do with my tax return? Credit Card Debt or Emergency Savings"
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[quote=Anonymous]Put $1000 in savings for emergencies. Put $5000 toward the cc debt, reducing your debt to $10k. Call the credit card and see if they will reduce your interest rate on the $10k that will remain. Transfer the $3200 to the 0% interest card so at least you're not paying interest on that amount. Then pay the minimum on the $3200 at 0% interest and put as much as you can toward the $6800 that you will have left on the card you have to pay interest on. Do the Dave Ramsay snowball. Keep an eye on the expiration date of the 0% interest card. When it is soon to expire, open a new 0% interest card and transfer whatever remains, plus some more from the interest accruing account to the new card. I just kept paying and transfering to new 0% interest accounts until my debt was finally gone (last year). It's a HUGE feeling of relief and accomplishment when you're working on and achieve this. :)[/quote]
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