Archive for April, 2006
April 27th, 2006 | 
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tiger_lilly33186 asked:
My husband and I have $2,900 (limit of 3,000) on a credit card with 4.99% interest and $4,400 (limit of 6,000) on a second credit card with 10.9% interest. I know it is best to paying off debt as quickly as possible to avoid pay too much interest but we also have a baby on the way, due in March of next year. Would it be better to put everything we have into getting ourselves out of debt before the baby comes or paying the minimum + 50.00 just to maintain a good score and put the rest into savings? We already have a four year old, so I know how expensive babies can be.
My husband and I have $2,900 (limit of 3,000) on a credit card with 4.99% interest and $4,400 (limit of 6,000) on a second credit card with 10.9% interest. I know it is best to paying off debt as quickly as possible to avoid pay too much interest but we also have a baby on the way, due in March of next year. Would it be better to put everything we have into getting ourselves out of debt before the baby comes or paying the minimum + 50.00 just to maintain a good score and put the rest into savings? We already have a four year old, so I know how expensive babies can be.
The balances are too high, so I can’t transfer them to the lower interest card yet, but I am dying to get out of debt. At the same time it seems selfish to think about our debt when there is a baby on the way. I can put 500.00 into debt reduction, 250.00 per card. Or I can pay the minimum and put the rest into savings. What would you do?
Arthur
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Selschen asked:
I have to “recommend my own proposal for debt reduction nof our government” other than creating more money or borrowing money …..any idea? Thanks for your help!!
Ardis Yordy
I have to “recommend my own proposal for debt reduction nof our government” other than creating more money or borrowing money …..any idea? Thanks for your help!!
Ardis Yordy