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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][quote=Anonymous]Put $1000 in savings for emergencies. Put $5000 toward the cc debt, reducing your debt to $10k. [/quote] Agreed. In addition, if you are getting a $6K tax return, you need to adjust your withholdings so that you get much less back at tax time, but your paycheck is bigger each month. At $6K, you should be taking home about $400-500 more a month or $200-250 biweekly (depending on how you are paid). But, do not change your current spending habits, apply that money every month to your CC debt. In addition to paying back the debt, you will also significantly decrease your interest payments by paying monthly instead of once per year. And as less goes to interest, more will be slowly going to pay down the debt every month and you will pay off the debt faster. [/quote]
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