Put $ in Savings; Invest; or Pay Down Credit Card Debit
Just received my back pay. Should I put it in my savings or invest it? Should I use it to pay down high credit card debt? Or should I get a low interest loan to pay off the high interest credit cards and just put the money aside for a rainy day?
Terry Says
If you can discipline yourself to not charge up your cards again, I’d use 80 percent of the money to pay off the credit card balances. At an average rate of nearly 20 percent, those balances are just digging a big hole for you! And keep the savings separate –in a money market deposit account. Plan to pay off any remaining credit card balances as quickly as possible. Then add to your savinn
