Feeling a huge sense of relief right now. Just came into 40k, and I finally see a way out from all these monthly minimums that were draining me. Should I pay down my 27k debt entirely, or is there any advantage in holding onto some of it? Thanks for any tips!
Jo said:
I’d just pay it all off and be done with it. Then you have the rest to handle other expenses or put away.
The toughest part is staying out of debt.
If you like paying interest, I guess there’s a reason to keep it. Otherwise, no good reason to hold onto high-interest debt.
Val said:
If you like paying interest, I guess there’s a reason to keep it. Otherwise, no good reason to hold onto high-interest debt.
Makes sense, thanks for the reality check.
Val said:
If you like paying interest, I guess there’s a reason to keep it. Otherwise, no good reason to hold onto high-interest debt.
Makes sense, thanks for the reality check.
The fact that you’re even considering not paying it off might mean you haven’t really learned from this.
Pay it off… your mental health will thank you.
Uma said:
Pay it off… your mental health will thank you.
Already feeling so much lighter!
Pay it off, then maybe use one card for a small bill like streaming. Don’t close the accounts, but keep it under control.
Joss said:
Pay it off, then maybe use one card for a small bill like streaming. Don’t close the accounts, but keep it under control.
I’d advise against that. I trusted myself with small charges and got back into debt. Better to just leave them alone for a while.
@Wynn
Paying it off and closing it are two different things…
Macon said:
@Wynn
Paying it off and closing it are two different things…
True. I’d just put them away and not think about them. If they get closed later, it’s no big deal, especially since your credit will likely improve by then.
Pay it off! I was in a similar spot and paid mine off earlier this year. It felt amazing, and I put the rest in a high-yield savings for emergencies.
Bali said:
Pay it off! I was in a similar spot and paid mine off earlier this year. It felt amazing, and I put the rest in a high-yield savings for emergencies.
This is the way. Pay off the debt and put some in savings for backup.
Bali said:
Pay it off! I was in a similar spot and paid mine off earlier this year. It felt amazing, and I put the rest in a high-yield savings for emergencies.
Thank you!!
Bali said:
Pay it off! I was in a similar spot and paid mine off earlier this year. It felt amazing, and I put the rest in a high-yield savings for emergencies.
Thank you!!
Just remember, emergencies don’t include things like gas, insurance, or car maintenance. That stuff you can plan for.
Pay it off, learn from this, and put whatever’s left somewhere you can’t touch easily.
Definitely pay it off. I paid off 10k on my card recently, and the stress relief was huge.
Pay it all off and don’t go back to using credit cards like that again.
If you make a couple of payments each month instead of a single big payment, it could help your credit a bit.
Pay it off, keep some for emergencies, and maybe put some in savings. If you’re thinking long-term, consider using what’s left as a down payment on a home.