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<3 | Is it better to keep my savings or to pay off my credit cards? |
I owe a total of aprox. $8000 total (credit cards). I save some money every time I get paid, but I just want to be debt free in case my and my boyfriend decide to get married in 2 or 3 years.
So, my question is, should I keep saving or use this money to pay off credit cards?
(I have been making the minimum payment). |
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fspriggs
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pay the credit card off...the interest rate on the CC is higher then the interest rate you are saving money at. The sooner you pay off the credit card the sooner you can put that $$ into your savings and not continue to accrue interest charges. |
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Just Some Guy
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pay off your cards. the interest you are paying on the cards is a LOT more than what you can earn in any kind of savings program. |
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Charlotte P. Chuckles ♥ Bobby
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Pay off your debts ... |
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rockin_robin07
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Pay off your debt.
You can't ignore the credit card companies. They will just keep adding on the fees. |
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Nick R
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Pay off your credit card debt. The interest rate is high, and by not paying it you're just throwing money away. |
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nkroadcaptain
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Pay off the credit cards!
You MUST pay an 8K loan at probably 14% interest.
And you have an option of tossing money into something that's returning about 2-5% interest.
Gee. Sounds like you're losing about 10% of your money from saving it. |
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Goonhilda
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You should pay off the cards. I'll show you why.
Lets just say you owe $8000 on a credit card that is costing you 15% interest. You have $8000 in a savings account earning you 3% interest.
Now, the debt is costing you $1200 a year in interest. The savings are earning you $240 a year, but that is taxable income. After you pay tax on those earnings, you're left with around $180. Keeping the debt means you're out of pocket to the tune of $1020 a year.
Now, I've just pulled these interest rates out of thin air. I don't know what rates you are paying on your loan, and what rate you are getting on your savings. However, any amount you pay on the debt will save you money, because it effectively 'earns' the interest rate you are paying on the debt. You don't have to find that money for interest elsewhere. Even paying an extra hundred off the debt will save you money. If you have savings invested, you need to get an interest rate that is 25% higher than what you are paying on the credit cards to be in front and cover the tax. For example, if paying 10% interest on a card, your savings would need to be earning $12.5 interest just to cover your expenses.
If you keep the debt, forget about getting married. You'll be too busy spending all your 'wedding money' on credit card debt. Make getting debt free a priority, and then you'll have more money to spend on your wedding. Forget the minimum repayment. Most cards can take over a decade to pay off if you just make the minimum repayment. So get rid of the debt as soon as possible.
Best wishes |
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Joey
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Well the interest rate you are paying on your credit card is now, and will always be, greater than the money you will accrue in your savings. However blanket saying that you should just pay off your credit cards may not be the best answer. It really comes down to your reason for not paying them off.
Both growing money in your savings account and paying your credit cards off on time will grow your credit rating. So if you are planning on building up your personal credit, the path you are on right now is doing very well and your score will reflect that in just a few years.
If you are strictly looking for fiscal growth, meaning you just want to gain as much money as you can and credit is a secondary priority, then paying off your credit cards will allow you to put more money into your savings as you will be paying less over time for your cc bills and if your savings account is APR then you will be gaining interest on interest and will grow your savings far more significantly than if you continue on the road you are on.
Hope this helps. |
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M&M
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PLEASE, pay off your cc debt. Most cards run about 21% interest. A $1000 debt on a credit card with minimum monthly payments will cost you almost $3000 by the time you pay it off. You're probably only earning about 2% interest in savings. And don't forget to start a 401K or Roth IRA as soon as possible. Easy monthly installments taken out of your account accrue for a very nice nestegg for later. You are never too young to begin saving. If you don't know how to open an account, go see someone at your bank. |
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Wuviewoo
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What is the interest rate on the card and what is the interest rate on your savings account? In most cases the credit card interest rate will be higher so pay off the one with the highest interest rate first or try to get a card with a zero introductory rate and transfer balances. You'll be able to pay off your debt faster with lower interst rates and shop around for a savings account with a high interest rate because you always want to have some money in savings for the inevitable rainy day. |
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Antonio B
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As all the others above have already said ...
Pay off the debt.
Here's what to do after that.
Do you have more than one credit card? If so, call all the card companies, one by one, and try to get them to give you a better interest rate. See which one gives you the best rate. Then CANCEL all the other cards. Some people advise against canceling cards, because, they claim it hurts your credit rating. But if you cancel the card yourself, after you've paid it off, it won't hurt your credit rating. Keep one card only. But don't use it. Just keep it for emergencies. The best thing is to put it in a safety deposit box.
Once you've done that, figure out how much you were sending to credit card companies every month and redirect at least that much into your savings. Start educating yourself on the best vehicle for saving money. Your bank's savings account is not the best.
As you save money, put enough to cover 6 months living expenses in a money market account. That will give you access to cash should you find yourself unemployed. Put the additional savings into more aggressive investments. What you choose depends on your risk tolerance, your years to retirement, etc.
Read "Your Money or Your Life" by Joe Dominguez and Vicki Robin, for an excellent plan on how to invest your savings.
Good luck to you! |
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bubbllyboo
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pay the debt, whats the point in paying interest to credit card co's. i jus had the same predicament,and am in the exact same situation. i paid all of mine on fri, and its a serious weight liffted off your shoulders
debts = stress
also the card payments(minimum payments) mean you have less in your monthly salary, which means you can save less, you will have to pay them off in the long term , so just do it now. any financial advisor will tell you this......people like us are keeping these companies alive....pay the cards, then keep the cards for emergencies when your in your house and settled, and then do balance transfers,,,once these are paid, you still have the money on the card so in the long run it makes no odds....pay then off!!!! |
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Derek (Steelers, SB champs)
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pay off the debt
invest the difference |
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chevalrose
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If you make your minumum payments you'll NEVER get that paid off. The minimum payments barely cover the interest you're accruing. So basically you're just paying of the interest and none of the actual bill. If you can't pay above the minimum payments without dipping into your savings, then you need to use the savings...otheriwise you're not getting yourself out of debt. |
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thegilesguy
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Depends on a couple things, if you're cards are near maxed out you need to pay them down. The increase in your credit score would be better than the extra down payment. But if you have a lot of available credit you should consider your job, if you are in a career that may be downsized due to the economy go ahead and save up the money, the extra liquidity would be beneficial if you find your income reduced. If that's the way you go you should save up 6 months worth of essential bills and then start to pay off the credit card debt. |
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Bl♥ndy
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if you only pay minimums, you will never pay off your cards because the minimums do not even cover the interest you get charged for the month.
pay off those cards! |
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