Should I use all my savings to pay off a credit card? Then I would have to rebuild my savings

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  • #86984 Reply

      Not sure what to do.

      #86985 Reply

        And you wouldn’t have to pay interest. Or maybe use 1/2 of it just in case.

        #86986 Reply

          I would!

          Get that debt off your shoulders, no more interest payments, and better motivation to build savings back up! It’s easy to let the hole of credit card debt to intimidate you- put it behind you!

          Don’t miss: Should I pay off highest credit card or lowest first?

          #86987 Reply

            Yes, if it’s at a high interest rate , pay it off and then start saving again. And, stop using the card.

            #86988 Reply

              Pay half of it…. The payment will go down.

              #86989 Reply

                NO! Get another credit card that offers interest free balance transfer up to 18 months. Try to pay it all off in 18 months then do the same thing over again..

                The one time fee u pay is less that what you’d pay in interest.

                #86990 Reply

                  $1000 in an emergency fund and the rest towards the credit card. Then work towards paying it off completely. Cut up the card and start paying cash.

                  You’ve got this!!

                  #86991 Reply


                    Pay it off and start saving again…

                    And maybe only use the credit card for gas/groceries and pay it off each month.

                    Explore these too: I’m of the mindset that it’s better to pay off all debt before retirement, but I could be wrong

                    #86992 Reply

                      Yes! Do it! You’re getting hit with 20% interest or higher w/ a CC. You’ll rebuild your savings super fast once out of debt. Imagine all that interest that was going to the bank going to your savings!

                      #86993 Reply

                        Keep $1000 in savings for emergencies so you don’t need to re use your credit card.

                        Then pay off your credit card because you are paying more in interest to have your credit card than you are making in interest in having savings.

                        #86994 Reply

                          6 months of emergency funds should be available to you.

                          However, if you are making less in interest than you are paying, pay as much as you can.

                          #86995 Reply

                            100%. Why pay interest on top of what you owe? You can rebuild your savings fast if you don’t owe all of that money, just be very intentional about rebuilding that savings and don’t use the credit card moving forward, pay for everything in cash and live by your budget.

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