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bonus color of money chat q: they have $12k in credit card debt and $1,500/mo they can dedicate to paying it off, or to savings

Posted by jingle pixie (aka chris) Dec 1 '11, 11:49

debt repayment or saving

I have $12,000 of credit card debt. I would like to know whether to reapy the credit card debt or keep saving? I am very worried about the economy and struggle with two options: paying the debt faster (up to $1000 a month )or building up some saving. I have no saving for the moment (no emergency , no three to six months worth of living expenses). I have about $1500 month to allocate to savings or debt repayment.

Responses:

$1000 a month towards the debt, 400 a month to saving, $100 a month for crack and hookers -- nm - tRuMaN Dec 1, 11:58 4
- why are hookers so cheap where you live? -- nm - crash davis Dec 1, 12:00 3
  - what cain said. -- nm - tRuMaN Dec 1, 12:10
  - There was no sex, I just paid for conversation. -- nm - Herman Cain Dec 1, 12:02 1
    - oh shit this is funny -- nm - Epiphany Dec 1, 12:10
do you belive inflation is going to increase? -- nm - Danedukenuuk Dec 1, 11:55
almost 100% of the time pay off credit card debt first -- nm - Beaker Dec 1, 11:55
available credit is your emergency fund. pay it down. -- nm - Max Dec 1, 11:51
depends. what's the interest rate on the card? -- nm - znufrii Dec 1, 11:50 1
- probably more than the .5% they could get in CDs. -- nm - Max Dec 1, 11:51

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bonus color of money chat q: they have $12k in credit card debt and $1,500/mo they can dedicate to paying it off, or to savings

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