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Money and Finances
Reply to "WWYD - cash and debt"
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[quote=Anonymous]Here is the situation, I'd like to hear some opinions on what to do I have some amount of money (30K+) that just sitting in my saving account earning 0.8%, it's designated for specific purpose in the future (2+ year). I add 500 every month to this fund. I also have couple of debts I pay interest on monthly: car 25k @ 1.99% monthly pmnt $500, and HELOC 40k+ @ 2.99% interest only $100/month for now, repayment starts in 7 years. Here is the thing - I don't like the idea of sitting on cash while I'm paying %% on my debt. So, I'm considering paying out car and/or part of the HELOC. I won't need full amount in 2+ years, even than payout will be in smaller chunks 7-8K over 4 year period. Would you pay your debt in this situation? Which one? Would you use open HELOC as a vehicle to accumulate money for big expenditures, e.g. pay it out ahead of schedule instead of setting aside on saving acct, and drawing out when needed? [/quote]
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