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Money and Finances
Reply to "Home Equity Loan or Mutual Funds to Pay Off Debt"
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[quote=Anonymous][quote=Anonymous]You should have at least 3-6 months of expenses in liquid savings (not a mutual fund) before you pay off debt. How close does the 5K get you to that? I would put the 5K in liquid savings first. After that it would depend on the interest rate you are paying on the CC debt. I wouldn't necessarily liquidate a high-performing mutual fund to pay off low-interest debt, but I'd do the reverse. [/quote] I think it would be madness to have 6 months of expenses saved while you have 10k in credit card debt. I would keep one or two thousand in cash and use the rest to pay off your credit card debt. I would not cash out the mutual fund. I would cut expenses to the bare bones until I had paid the rest off.[/quote]
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