I'm getting a $5,000 settlement from a car accident I had last year. (All medical bills have been covered by insurance.) But I'm afraid that I won't spend the money wisely.
Should I pay on some credit card debts? Invest some of it? Save it for a rainy day? Do some Christmas shopping? Make a huge car payment? Pay some of my bills to cover the next few months? Help out my parents who are struggling financially?
I guess I could probably do a combination of these things... but I dont' want to regret any of my spending!!!
2006-11-09 05:23:05 · 7 answers · asked by chocolate-drop 5 in Business & Finance ➔ Personal Finance
My credit card debt is over $10,000, so I couldn't use this money to pay that off.
2006-11-09 05:37:23 · update #1
My credit card debt is over $10,000, so I couldn't use this money to pay that off. I also have student loans...
2006-11-09 05:37:37 · update #2
And I definetely don't use credit cards any more... cash/debit only!
2006-11-09 06:25:47 · update #3
That $5,000 will put a pretty big dent in your credit card debt. You should pay that down. Or save it.
Your credit card debt likely has the highest interest rate of all of your other debt, so it would be the best to pay that first.
But, if you are going to just charge the $5,000 back on your card to do Christmas shopping, just use it for that. Better to pay cash than to charge : )
2006-11-09 06:05:30 · answer #1 · answered by bride2be091507 2 · 0⤊ 0⤋
I think you should pay off some of your credit card debts and with the money you have left go shopping.
2006-11-09 13:31:46 · answer #2 · answered by ♠Whoa!♠ 2 · 0⤊ 0⤋
Buy 1 nice thing for yourself (after all, you deserve *something* out of all of this!), then pay the rest on credit card debt.
2006-11-09 13:31:46 · answer #3 · answered by Yo LO! 6 · 0⤊ 0⤋
Pay bills and put the rest in the bank.
2006-11-09 13:32:10 · answer #4 · answered by Just gorgeous dahling 4 · 0⤊ 0⤋
Pay off your debts...that what I would do first.
2006-11-09 13:25:06 · answer #5 · answered by Your_Star 6 · 0⤊ 0⤋
Save it for the future. You might need it one day!
2006-11-09 13:24:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Do a little bit of all of the above... You'll regret it no matter what you do when its all gone anyway.
2006-11-09 13:31:57 · answer #7 · answered by Anonymous · 1⤊ 0⤋