2007-01-29 14:36:39 · 7 answers · asked by dan22man 2 in Business & Finance ➔ Personal Finance
I don't know-are you feeling lucky? How secure is your job (tough thing to know these days)? I don't know what your expenses are. If you have rent/mortgage payment, car payment, auto and health insurance payments, etc., you should keep at least 3 months' of funds aside to pay for the items that you can't afford to lose. If there is any money after that, then pay the credit card debt. Again, if you're feeling really secure about your job, maybe just put aside 1 month of expenses and start paying down the credit card debt.
2007-01-29 14:43:51 · answer #1 · answered by SuzeY 5 · 0⤊ 0⤋
Always keep a little in your savings, just in case. I would try to leave at least $200 in savings and use the rest towards credit cards. Or you could take the chance that an accident doesn't happen and apply all of it towards the card and use your credit if an emergency does come up. Just make sure that you make your payment because if you miss a payment, it takes years for your credit to recover.
2007-01-29 22:49:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes. You can than use the credit-line you freed as a source of rainy day money.
2007-01-29 23:42:13 · answer #3 · answered by MagicalMke 4 · 0⤊ 1⤋
Yes. I would. The interest rate you receive off of a savings account is not even near what the credit card company is charging you in interest.
2007-01-29 22:42:53 · answer #4 · answered by Phyllobates 7 · 1⤊ 0⤋
Go ahead, but realize as soon as you use your "Rainy Day" fund, it's going to rain hard.
2007-01-29 22:53:13 · answer #5 · answered by Sun and Sand 3 · 0⤊ 0⤋
Don't let your payment or any payment go 30 days late or you will regret it. Use whatever funds necessary to make that payment.
2007-01-29 22:44:59 · answer #6 · answered by Blowing Rock, NC 1 · 0⤊ 0⤋
Pay them off as quickly as you can- then do yourself a huge favor and cut them up!
2007-01-29 23:02:16 · answer #7 · answered by Susan H 3 · 1⤊ 0⤋