Financial opinions: Do I zero out my savings to completely pay off debt? More details inside..
Posted by
colin (aka colinski)
Aug 26 '11, 07:15
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Some CC debt, but it's all be transfered to zero interest cards, with a little bit (less than $2000) on a 2.something% interest card. I can finish off my debt, but it will completely zero out savings.
Is it better to clear savings completely and be debt free, or should I keep that nest egg and keep paying off CC that are zero interest.
I think I should pay off the small% card altogether, so maybe that's the best way to go.
Thoughts?
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Responses:
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Buy an Audi. -- nm
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The Ruiner
Aug 26, 07:53
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According to Dave Ramsey, you should first build up $1000 for emergencies, then 3-6 months equalling your salary "just in case".
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Trish
Aug 26, 07:51
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It is more important to have some rainy day savings then it is to pay off the cards, IMO. -- nm
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ty97
Aug 26, 07:35
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Pay off the interest-carrying debt in monthly payments quicky but not immediately. (Maybe 4 months.) Then take that monthly payment, or a bit less,
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mara
Aug 26, 07:22
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What znu and loosi said. Liquid is good esp. with 0%. What is it that they recommend? 2 months salary in savings? -- nm
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znufrii si
Aug 26, 07:20
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if it's zero percent, keep making payments, don't zero the savings. -- nm
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loosilu
Aug 26, 07:18
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pay off any interest carrying debt. the 0% debt is less of a concern as long as you have it all paid off by the time the promo rate expires. -- nm
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znufrii
Aug 26, 07:16
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