Even if it depleted all of your savings?
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1. I would keep back $1,000.00 as an Emergency Fund because there will always be emergencies. The transmission will go out, the brakes will need work, or there will be a large medical copay due.
2. Then I would use the rest to pay down as much of the debt as possible.
3. After that I would pay it off as quickly as possible and then start putting money into savings until my Emergency Fund is at least 3-6 months of living expenses.
Debt is like quicksand. If you fall in, you will drown.
If you’re talking about in Your “Regular Savings” and not Share Certificates, etc. — Then.
YES !!
Absolutely – Pay Down that Card !! –
The percentage must certainly be higher than whatever your Savings Percentage is offering.
Then — Call Your Credit Card Company and say, “Hey, I just paid-down (or payed-off) My Card — NOW – I request that you Lower My Percentage to keep me as a Customer.”
Then if something comes up where you are desperate for Money – You have a lower-balance Card to Charge against
Also — Be careful with 401k accounts.
If you employer is encouraging you to contribute — It is ONLY Useful, if you Believe that you will be with that Company, LONG ENOUGH to be Vested — So, that you can walk away with the Companies Matching Funds.
I only bring this up, because — If One has Credit Card Debt that they are NOT paying-off — It is Pointless to put money in a 401k – until you “clear the deck” on Your Cards.
.
Of course.
That much at that interest rate costs you £24.72 a month.
Interest on your savings 1%? After tax 0.7%? £1.57 a month.
Pay it off and put a monthly savings plan in place.
If your car breaks down 6 months from now and you need say £500 you will have a clean credit card plus over £150 to put towards it just on the savings you make by paying off the credit card.
yes would if I had enough money in my savings to pay off my car loan I would’ve in a heart beat cause that’s one less worry I would’ve been able to rebuilt my savings in no time the money I would use to pay those bills i would’ve been able to save it.
I would say it depends on your credit score. Even though its best to not have any debt, If you have a low score or just need to build your credit rating I would suggest to pay off the majority and keep a revolving balance. It depends on your needs
I always pay off my cards when the amount is due. However, if you carry a running balance you are paying an extremely high interest rate and I suggest you use your savings to pay it off.
i have no debt-everything that i own is paid for.
if you have debt & savings,you really have no savings. pay it off,then start saving.the interest will kill you & if you fall behind you may never get back.
Absolutely. Credit cards are scum sucking lowlife companies and the fewer you have in your life the better.
Yes – you pay more interest on a card than you get in interest in savings, so it’s worth it.
I would pay it down to a manageable amount.
of course! why wouldn’t you? unless you’re doing a credit card arbitrage sort of thing, then you should absolutely pay off your credit card in full each month.