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Looking for the REAL answer! | Should I pay off my credit card debt first or save money? |
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Scott L
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Save $1000 first then pay off your cards. that way if you have an emergency like a car breakdown you have the money and don;t have to use plastic. |
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Becky M
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Pay off your card, especially if you pay interest. If that's then cleared you can start saving. If you start saving first, you still owe money, so in a way you'll have saved nothing! |
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Repairmanjack
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Because the interest on credit cards is so very high and the interest on savings accounts is so low, pay off your credit cards first and NEVER get into debt again! :) |
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SmartA$$
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I agree with the first answer. First save $1000 so that you don't have to use the cards again if there is an emergency. Once you have the $1000 emergency fund, then pay off the cards. I would start with the smallest balance and pay it off quickly, then work on the next smallest one. This free's up space in your monthly budget to hit the next biggest one even harder as you go through them.
If you have any large balances at high interest rates, consider transferring the balance to another card with a good introductory balance transfer rate. Also call the current card and ask them to meet or beat the balance transfer rate on other cards.
As you go along, make only the minimum payment on each card except the one you're working on paying off. Make only minimum payments while you save your first $1000 so you can get to that milestone as quickly as possible. By focusing on one task at a time you can accomplish that task very quickly. This is helpful for keeping yourself motivated because you see progress very quickly.
After you pay off the cards then go back to saving and try to build up 3-6 months worth of living expenses so you're coverd in the event of a job loss or injury that prevents you from working.
A lot of people said to pay the cards off first. That's a great idea but I like having the $1000 buffer so you don't take a step backwards by charging emergency expenses to the cards. If you get to the point where you have $1000 in savings and your card balances are $1000 or less, then you might consider using the savings to finish off the card repayment, then you can quickly rebuild the $1000 savings and move right into the 3-6 month savings goal. |
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Charlie Bucket
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i subscribe to the theory that if you have debt & savings,you have no savings.
pinch your pennies & pay it off,then take that amount & put it savings each month when it's paid off. |
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Net Advisor
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1. pay of the credit card first.
WHY?
Unless you can make a higher interest that you pay on your credit card you will be in the hole.
Example:
Credit card: 15% interest
Bank pays you 2.00% on cash balance.
You are still paying 13% a year on that balance.
(math: 15%-2%=13%)
Exception (optional):
If you have a 401(k), then you will want to max out any matching contributions first because that will lower your overall current taxes, and the matching contributions might exceed your credit card interest.
Say you contribute $2000/ year to your 401(k).
Company matches 40% for the first $2000
Credit card: 15% interest
Net gain on investment: 25% (not including any market returns)
(math: 40%-15%=25%)
Check with employer as to their matching contribution policy. |
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knowitall
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I would suggest a little of both.
Pay your credit card by the following means.
Minimum payment + interest and charges + £10.
The repayments will come down a lot quicker and you wont be paying interest on the interest or the charges.
Put a little away in a savings account every month at the same time.
As the answer above. try to get up to £1000.
When you have reached this figure, look to paying a higher share off the credit card.
..This is assuming you only have one credit card debt.
But, make sure you keep enough to live on , dont leave yourself short. |
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TAlex88
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I had over $1,000 in debt and I got behind on my payments by saving money. So I'd say try to pay something each month when the bill is due. But save up until your bill is due then pay as much as you can. The faster you get out of debt the better. I feel so much better that I have no more debt! I'm now debt free and I'd never go back into that situation again. Also your credit score will be better the sooner you pay it off. Definitely, pay it off first then save money. |
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Chanteuse_ar
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Most of the financial advisors are telling people to save money now in this uncertain economy. If you're in your 30's or under, you should have at least 3 months of salary in savings for emergencies and if you don't have that, concentrate on saving it up. If you're in your 40's and up you should have 6 months to a year's salary saved. With the way businesses are shutting down or cutting back, a lot of people just don't have the job security they once had.
After you have your emergency fund, you can concentrate more on paying off credit cards.
Depending on how many cards you have, Suze Orman usually says to pay more than the minimum monthly payment on your cards, even if it's only a little more. This will help eliminate debt faster and look better on your credit rating. She says to pay off the smaller balances first, but personally I concentrated on the higher interest credit cards and wound up paying out less in the long run. |
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Diego Nei
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The card of course, do you really want to see the interests inflate till you have a serious problem in your hands?
If you're having problems I'd suggest reducing expenditures by any means you can. That's what we did here when mum had problems with hers. You can go for cheaper (money-wise of course) products instead of the ones you are used to. Also consider cancelling some services in order to lower the monthly budget.
As soon as you finish paying it, review the budget plan and see what can you keep that way and what do you really need to change, and then stash part of your income for savings.
It was hard, but we did it here and now we lead a very nice life.
Good luck! |
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BTB '09
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I agree with the first answer. Get a $1000 emergency fund, that way if something happen, you don't have to go back in debt for it. After that, pay off your cards before saving, because this saves you interest |
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Just Wondering0001
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TRY to do both, like this ...
Look into Your situation and saving options at work, and see if You have a 401k plan.
There are other potential benefits plans that work too, but I'm most familiar with a (my) 401k.
My benefits allow me to contribute to a retirement plan by 401k, which means that every paycheck, before taxes, they "deposit" a percentage of how much I made that week into an account.
I choose the percentage and can change it every week as my situations change from 0% to 50% however I feel like adding to it.
When I have a certain amount in the account (invested and growing the whole time too), I am allowed to take a loan from the account, at a much better rate than a bank, for whatever reason I choose.
I will still have to repay the loan, with TINY interest rates, but still as a deduction from my future paychecks, and I can choose how many months from 12 to 48 I want to repay the loan by.
I recently hit $2500.00 in the account, and withdrew $1200.00, which I'll repay over 18 months, at $32.00 every 2 weeks. I could also choose to stop adding to my account during the repayment, repay it in full now (making it available agaion for loan), or just let it drop weekly until it's a single paycheck to repay. All the time still making profit on my invested account.
The loan of $1200.00 will be a total of $1400.00 after it';s repayed, and will still make me money every time the payments are made, which credit back to my invested account.
ALSO, when making payments on credit cards, ALWAYS pay more than the minimum payment, by as much as You can salvage that week, or make 2 paymnts in some months, etc.. Teice this card now, twice that card next month.
Good luck!.
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shelly
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pay your credit card debt first because it is your obligation. |
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chillyoung
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Wisdom demands you should pay off creditcard debt first !Moneysaving comes later. |
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