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Babyin10
LIF Infant
Member since 8/09 137 total posts
Name:
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Paying off credit card?
I have a credit card bill that is under $4,000. My husband was laid off but while he worked for the city he started a pension. There isn't a lot in there so we are going to take the money out. Should I put the money in savings or use it to pay off the credit card bill. Monthly for the card I will plan to pay slightly more than the minimum - but if I pay it off it would save me 70-100 a month. What do you think? and we are trying to save for a house.
Thanks
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Posted 9/1/12 9:34 AM  |
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Long Island's Largest Bridal Resource |
StaceyWill
It's a girl!!!
Member since 6/10 21536 total posts
Name:
Stacey
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Re: Paying off credit card?
Definitely use the $ to pay off the credit card.
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| Posted 9/1/12 9:50 AM |
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wingsofsong
My 3 little loves <3<3<3
Member since 1/09 7395 total posts
Name:
Maureen
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Paying off credit card?
I agree with AP- I would definitely use it to pay off the card. Paying off debt should always come before saving and big purchases.
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| Posted 9/1/12 10:19 AM |
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Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Paying off credit card?
I would pay it off as well.
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| Posted 9/1/12 10:22 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Paying off credit card?
Pay off the card. If you have credit card debt and money in the bank you effectively have NO savings. The debt cancels it out. Pay it off and be done and enjoy the monthly savings. 
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| Posted 9/1/12 10:57 AM |
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Babyin10
LIF Infant
Member since 8/09 137 total posts
Name:
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Paying off credit card?
thanks I figured that's what i should do!
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| Posted 9/1/12 12:44 PM |
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drwifettc
LIF Adult
Member since 6/10 2348 total posts
Name:
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Paying off credit card?
Did your husband find a new job already? If he did than I'd probably also pay off the credit card. However, if he is still out of work or only in temporary work I'd keep the money in an emergency fund (3 months worth of bills and rent as a bare minimum). If he's out of work for awhile you may actually need the money from his pension to stay afloat for a bit longer, if you don't have anything in savings. If you have a sufficient emergency fund than totally pay it off.
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| Posted 9/1/12 12:55 PM |
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TheNextStep
LIF Adolescent
Member since 8/08 773 total posts
Name:
S
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Re: Paying off credit card?
I would save it - incase of emergencies.
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| Posted 9/1/12 1:39 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Paying off credit card?
Do you have to take it out of the pension? What typpe of job was it and will he ever work for the city again? Was he in a tier system? If yes, don't take it out an hold onto that tier level
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| Posted 9/1/12 4:35 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Paying off credit card?
Are you able to transfer to a no interest card?
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| Posted 9/1/12 7:01 PM |
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