Money Credit Card Debt

I have a credit card debt of about 7 hundred dollars. I have money saved of about 5 thousand. I am wondering if I should pay it off from the money saved or just continue to pay it from my paychecks. I am afriad that by touching the money saved to pay it I will be tempted to continue spending this money. I also thought about restoring the money that I spend from the saved if I do use it. Is it easy to restore saved money?

Pay off the credit card debt ASAP. Like another poster said, the only consideration here is the interest rate. The bank pays you almost nothing to have the privilege of holding your savings, but you have to pay the credit card company tons to borrow THEIR money. That's a bad deal.

Never keep savings if you have high interest debt. You are just paying out extra money to falsely *feel* richer.

2009-07-13 22:58:55 by Jonathan

www.totaldebtrelief.net uses a pitcher and a glass of water demonstrate the effects of minimum credit card payments. This video uses a simple ...

I'm planning on going to vegas in july so i am saving money, but i do have balances on my two credit cards. Would it make sense to keep putting money into a savings account when i have debt? Should i pay off my credit card debt before saving money? Thanks for any suggestions!

Unless your credit card debit is at a lower percentage than your savings account, you should put your money to paying down the credit cards.

For example:
Say the credit cards are at 12% and the savings account is paying 3%, you're 'making' an extra 9% by paying down the credit cards in this example.

However, if you have a credit card with a 'teaser' rate of 0%, and a savings account that's paying 2% I would say put the money into the savings account.

I hope that helps.

2008-11-12 08:48:47 by ilovebobsaget2

Price: $1.99

I have some credit debt left and I'm wondering if I should put the extra money I make from selling my home into the new house I'm purchasing or if I should go ahead and pay off the credit card debt. What is a smarter decision?
Just wanted to say I'm not late on my credit card bills, just wondering if I should go ahead and pay them off in full right away

Have you lived in it for at least 2 of the last 5 years? If so, there's no capital gains tax from the IRS, and the money is yours to spend as you wish.

Glenn is correct - This all depends upon what you'll do with these newly cleaned up credit cards..... It's a falacy that people can get out of debt by placing all their credit card debt onto their house. They usually run up their cards again in a few years and are then worse off than before.

Put the money to the house. Start paying EXTRA to your credit cards. Start cutting up your credit cards. Then start sending extra to your house.

FREEDOM!!!!!!

2007-06-05 06:05:26 by Cookie On My Mind

Price: $19.99

Target Credit Cards Lowered My limit by $3k and i am wondering if any one would donate money to my personal debt. NOT ASKING FOR MONEY JUST ASKING IF ANYONE WOULD!

Suuure.

2009-05-05 14:23:22 by James C

I am disabled and divorced, receiving each month SSDI and spousal support. Can my SSDI money be used to pay off credit card debt?

You can use your Social Security money for anything you want.

Now on the other hand if your asking can that money be garnished to pay credit card debt that a judgment has been issued by the courts, the answer is no it can not.

But your bank accounts can be attached so you will need proof that that income is from S.S. so it can not be attached.

Any other income other then your S.S. can be attached once it hits your bank account.

2009-10-24 10:01:41 by Vicster