double bonus color of money chat q: hubby is about to be laid off. use savings now to pay down $11k in c.c. debt and a $3k car loan?
Posted by
jingle pixie (aka chris)
Dec 1 '11, 12:45
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Struggling to make it
Michelle My husband and I are going down to one income at the end of the month - we just found out yesterday my husband is being laid off end of December (great Christmas gift huh?). We have three months of mortgage payments saved. With my income I can make the mortgage payments and bills with LITTLE left (about $100 which would need to include food, gas, etc.). We have about $11,000 in credit card debt and about $3,000 left in vehicle loan. Would you wipe out savings to pay off the credit ccard debt or take some of savings to pay off vehicle loan or do nothing and only cover the minimum's until he can get a new job which no idea how long that will take. I can say I didn't prepare for this. I just paid off my car early so that's one less bill but I'm scared and confused and don't know where to go or how to do this.
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