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caligrl | If you had $35,000 in credit card debt and got a check for $20.000, would you do with the money? |
yes, i am in that situation. Is it best to put 20K in cash straight towards paying down credit card debt?
Additional Details
Alternatives would be:
1) save for a rainy day
2) invest - but not sure what/how i'd invest it
3) I fear if i just save it, the fact the dollar is losing value may turn it useless in the future.
4) not sure what other options! |
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Nandina (Bunny Slipper Goddess)
 |
Unless you have a solid investment that generates a higher percentage yield than what you're paying for your credit card's APR, paying off the cards is the smartest move.
A $35,000 balance at 15.99% APR generates about $460 in finance charges EVERY MONTH. That's money you're just throwing away.
Even at 7.99%, you're still adding an additional $230 per month in finance charges.
Use the money to bring that balance down to $15,000 at 15.99% and the finance charges drop to only $197. That's a savings of $262 every month.
You really need to find a way to get off of the "using credit to pay taxes" vicious cycle. Get the card paid off, then DON'T USE IT. Put the money that you would have put towards the card's monthly payments into a specific account instead, and then pay your taxes in cash every six months.
Otherwise you may as well just throw the money in the fireplace and watch it burn - that's all you're doing with the finance charges, anyway. |
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paganmom
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Absolutely! 35k is a lot in credit card debt. I would pay off your highest APR cards first and then tackle the smaller ones. Or you could get rid of the balances on some so you wouldn't have so many to pay every month. |
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Adam B
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i would sell whatever property is causing you on these taxes. otherwise, you'll be struggling to keep your head above water for the rest of your life.
in the meantime, pay down the debt. it will be the best return on investment (not having to pay someone else 8-16% interest) especially in this market where few investments are bringing anywhere near that return. |
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Lullaby
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20.000 is 20 dollars and it wouldn't help much in clearing a 35, 000 dollar debt. |
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diva3kids
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Don't put all your eggs in one basket. You should establish an emergency fund of your basic needs. Rent/mortgage, major utilities, car note. 3months is idea but even one month is better than nothing.
Then make payments on all your overdue bills to get them current. Attempt to get your interest rates lowered and cut all of them but the one with the lowest interest rate up. DONT close them out because that will damage your score further.
If you can pay one or two off do that so you have a sense of accomplishment, but work out strong payment plans and stick to them! It will take hard work and dedication but if you are determined you can do it.
Once you pay off your debt in a controlled way, hopefully you will have learned the effort it takes to pay of bills from temporary thrills. You have to get the the root of why you are so in debt and fix that or you will be back in this situation again and perhaps without a 20K check! |
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Celisse
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Honestly, I would probably only put a few thousand, like maybe $5-7,000 of it, towards your credit card debt for 2 reasons:
(1) putting some money towards the debt will put you in good graces w/ the credit company because they'll see that you're at least working on getting it paid off so they won't keep on tacking interest onto the debt.
(2) it's always safe practice to have a good amount of cash on the side for a big emergency (ie. medical problems, mortgage, etc.). |
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Press ALT and F4
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35,000? wow...
wow....
Um wow...
Yeah id pay it down..or at least put 18k toward payin it down..... keep 2000 to spend some and save some...then it wont be so ridiculously high |
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lolagrl
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Pay it on the cards. |
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Hawkeye
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I'd pay off 20,000 of my debt! |
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lukeee
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wow a $20 cheque! you must be rich! Put it all on black |
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Jim
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Yes pay down the card. |
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Paul S
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It depends what interest rate you are paying on the credit card debt. If have have a card offering a low rate to get some business, and you are able to invest $20,000 at a higher rate go that direction.
But unless you have a serious personal issue, pay down you debt. Credit card debt is usually the most expensive debt you can have. |
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Marlo M
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Put is all into your credit card debt!!
You need to pay down that high interest rate/balance, or $35k could quickly become $40K in debt!! |
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woody
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pay down the highest percentage card(s) with as much of the 20k you can afford. you've got to find a way to get the balances manageable |
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