complicatedtallblonde asked:
I’m just curious. I should be coming into a little money sometime soon and I didn’t know if it would be more wise to pay off debt or to save, seeings as the economy is being flushed down the toilet right now. What is my best option and why? I’m making large (yet still minimum) payments on my credit cards and when I get the money I would like to just pay them off and it will still leave me with a little bit of extra cash that I would most likely save. Good idea or no?
I’m just curious. I should be coming into a little money sometime soon and I didn’t know if it would be more wise to pay off debt or to save, seeings as the economy is being flushed down the toilet right now. What is my best option and why? I’m making large (yet still minimum) payments on my credit cards and when I get the money I would like to just pay them off and it will still leave me with a little bit of extra cash that I would most likely save. Good idea or no?
Yes, I would pay them off if you are still going to have a little money left over, because you never know what may happen in the future.
Definitely pay them off. The sooner the better.
Also, if you would like to learn about money & how to spend it well you should watch the Suze Orman show on NBC. It’s really good, you can even call her in & ask questions. xD
Pay them off, if you are paying any finance charges at all then you are throwing away money. Pay off your debt, increase your credit score, and then save for the future.
You will be money ahead to pay off credit cards because of the interest rates they charge. Putting your money in a savings account will not earn that much interest. By paying them off it’s like paying yourself interest.
You need to have an emergency fund in case you get laid off or have some other sort of problem. If you don’t have anything set aside, make sure u have a few months’ living expenses at the very least. But having done that, assuming your debts are at a high interest rate, try to bring down the debt.
It is always best to get rid of the debt, and try to save a little bit, Suzee Orman always gives this advise.
Knock out your debt and get your cards paid off. I’ve been paying off what’s left of our debt this past year, including my student loans and our vehicles which are now paid for. As Dave Ramsey says, “If you save now and live like no one else…later you can live like no one else.”
The interest you are paying on those credit cards is a lot more than any return you might get investing that money. Paying off the credit cards is always the way to go.
If you can pay 10% per month on your credit cards, it should be paid off in about 11 months. As you suggested, put the rest in a savings account. If you’re working, pay something away every pay, no matter how small it might be. Every other month add $1 to it.
well if you are just getting youre taxes i would say that you need to pay off all of your debts and dont play around with your tax money. i always have a few debts a year but when i get taxes i do what i need first then play around with the money.. you should try it too!
Pay it off smartly, I suggest you get some free professional consultation from