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CuriousButterfly | Should I pay off debt or hold on to my savings? |
I was recently let go from my job due to downsizing. I am not sure if I should pay off my debt or continue to hold on to my savings. I owe $18K in debt and have $32K saved. Would like to be "debt-free" but since I am not currently working and looking for another job should I simply pay off all of my debt and "start fresh" or hold on to my savings and continue to pay monthly on the debts? I have filed for unemployment due to the downsizing and was approved. I have been approved to receive $350.00 a week for a maximum of approximately 3 - 4 months.
Part of me thinks I should hold on to my savings since we are going through an economic hardship and finding jobs are not as easy anymore. And the other part thinks that I should take the money from my savings and pay off my debt so that I do not have that debt over my head and I can go into the new year "debt-free." What do you suggest? |
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AshleyNichol
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Always Always Always pay off your debt. You'll still have some savings left after paying and you have the unemployment until you do find another job. You won't be jobless forever. Even in this economy and if you end up at a job making significantly less than you did you should be ok if you budget your lifestyle and downsize to your new income. Then you won't have to dip into your savings for anything else. You don't want debts to increase from interest or come back to haunt you when you really don't have the money. That's what I would do. |
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Justin H
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I guess the question you should ask yourself before paying off your debt is how long you could live off $14,000 if you didn't have any debt. If you would be able to live for close to a year then I would say go for it.
If $14,000 would only allow you to live for a few months then I would hold off until you have a new job. Just make your regular monthly payments and avoid accumulating any new debt.
Maybe the thing to do is figure out how much you would need to live for a year and hang on to that amount and apply the rest to your debt - paying off higher interest items like credit cards first.
Once you have a new job, then I would recommend paying off your debt. This way it will be easier to live off your new salary.
One of the things I would recommend doing now - regardless of what you do about the debt - is to look for ways to live more frugally. For example, look at cell phone, cable, and phone services to see where you can cut costs. Shop for cheaper car insurance. Try to cut your grocery bill. These measures will help you live longer on the $32,000 |
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Humberto G
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Looking at your situation, I think you should keep the money. Most financial advisors say that you need approximately $40k in liquid capital (can be converted to cash easily) as an emergency fund. If you decide against it, at least make sure that you have access to lines of credit or credit cards to get you through (God forbid) any unanticipated problem (operation, car trouble, etc.). Keep the remainder of the money in CDs and budget yourself as much as possible.
Generally, I would advise that it is better to pay off debt than to invest the money at this time. The reasoning is that you pay a higher percent on the debt than the return on your money. However, it does not seem that you are interested in the investing part right now.
Good luck. |
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bdancer222
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You should have paid off that debt while you still had a job. The interest on the debt is undoubtedly higher than the interest on your savings.
However, at this point, just use those savings to make regular monthly payments till you find another job. In the current economy, it might take a while to find another position and you may need that $32K to live on.
You should look closely at your budget and eliminate all unnecessary spending. |
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jetkitty83
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It really depends on if you plan on applying for anything that NEEDS good credit any time soon. Are you planning on applying for credit cards, a home loan, or a car? It is nice to be debt free, but if they aren't harassing you, I wouldn't worry about paying it all off in one chunk.
You can make small payments if you feel it needs to get taken care of, send your creditors a little something out of the unemployment check each month. In times like this where people are having a hard time finding jobs at all, it may be in your best interest to keep the savings where they are. Or at the very least wait on paying off that debt until you find a new job. It will be easier to pay off the debt if you know you have money coming in at the same time. It might take a little longer, but at least you won't feel pinched in the meantime. |
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kit
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Pay off your debt. That way you can start 2009 brand new. |
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golferwhoworks
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great question but since you have no job at this point I would hold on till I got one as you never know how long or even if you may have to relocate or not |
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Rambo
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I would look at your current savings as your "emergency" fund. Since you just lost your job I'd say you are having an emergency. I would begin immediately looking for another job and hang onto that extra cash until I got my new job. As soon as you get a new job, pay off your debt with the money you have left. Then you will be debt free and can begin building your wealth. Things don't always go as expected, and while you assume you can get a job quickly, it won't hurt to hang onto your extra cash for a minute to make sure. |
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Bailey
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Pay it off!!! You will still have $14K in savings - that's plenty, just don't go crazy only buy what you need until you get back on your feet. Debt will only stress you out more. |
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dare_man_89
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pay ur debt off... the way u hv written ur question it seems the debt really is on ur mind... start fresh and debt free.... best of luck for ur future...
may u get a good job : ) |
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amisuggests
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It depends on how the interest rate on the debt compares to the interest rate of your savings |
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ubermola
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it depends on interest rates. if the interest you get on your savings is much higher than the interest you pay on your debt, keep the money and earn interest. because you come out ahead in the end. Otherwise, repay your debt. the "rainy day" holds no water because you can always take out another loan if you really need to later, but you should not pay the interest now if you can help it. |
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howfuzzywuzee
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Personally......I believe that the worst IS yet to come......
I would get OUT of debt if all possible.....
Different sources say that once this credit crunch thing in America relaxes that inflation and interest rates will be at all time highs.....and finish plunging our economy into collapse.......
By continuing to pay as you go.....especially like credit cards...you risk soaring monthly payments if/when this occurs from the monthly adjustable rates most lending companies use.
Myself....I am betting against better times and preparing for the worst.....
I would....get out of debt.......one less worry....... |
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KingHenry the II
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@ this point I would hold on to your savings. |
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Daniel S
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Pay off your debt first, its better to not have money than to owe money. start off debt free. |
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Aaron M
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I say it all depends on your committed spending. And how soon and how good another job will be. Obviously interest on 18 grand must be huge. Even at 6%, interest would be almost 100 bucks a month. If you pay it off completely, you still have 14 grand. This would last me and my wife seven months. But it would last my parents with all their sons about 7 weeks. I would pay it. no question. |
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