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Question of the Month

Question of the Month is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a monthly contest and every month a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the month by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50. The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges. Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.

Latest Question



Question 5: If you win some contest and get some extra cash from prize money then what will you do with it? Many a times we participate in contests. Suppose youve won such a contest and got the prize money. How productively can you use this extra money during this current economic crisis? Share your plans.

Winner Post

Trophy iconAnswer 1: It would depend on the amount won. However, I would first make sure that I had a roof over my head, utilities on, and food in the house. Then, I would use the amount to start my emergency fund. I have learned from this website that it is important to have an emergency fund so that I would not have to make bad financial borrowing decisions when something comes up like a medical expense or car repair. I want to set myself up for a bright financial future.

Answer Posted by | 1susan1111

The other answers worth mentioning are:

Answer 2: I would divide the amount won into 3 equal parts.

With the first part I would put it towards paying off old debt.

With the second part I would put it towards a personal purchase, something I would like/need right now.

With the third part I would put it into savings for a contingency fund.

Answer Posted by | Tru Thissell

Answer 3: If my prize was a very large sum of money, then I would definitely pay off my major bills. This would help my monthly financial situation by giving me more money to work with. I would also put some in a savings account (that kind like a Christmas Club, that cant be touched for a certain period of time). I would also give some money to my mother who is on a very limited income and doesnt ever have a lot of extra money.

If the prize was a smaller amount of money, then I would maybe pay off one of my smaller debts or buy something new for myself (which I never seem to do). I would definitely do something like take my mom and I out to a fancy dinner.

I always get the most pleasure from a "win" or a gift when I can share it with my loved ones.

Answer Posted by | Lorri

Answer 4: Well....since Ive prioritized my debts and I really want to be debt free..... I would:
1) pay off the debt at the top of my list - the one which carries the most interest
2) continue down the list and pay off all the others I could
3) money left over? Put it in SAVINGS!

Answer Posted by | Ladielucille

Answer 5: Depending upon the amount that I won, the first thing that I would do is either pay off my vehicle if there was enough money, or at the very least bring my payments up to date. If there was enough left over, I would put the equivalent of 3 months salary into savings. I would then open a secured credit card to begin rebuilding my credit, with the hopes that I would someday actually have good enough credit to buy a small home. I dont have fantastic dreams of big money - my dream is to be able to pay bills on time, have a full refrigerator, a modest vehicle and a small home. If I won a major contest (lots of money) I would do the above, and also help my family with their moeny issues also - my parents for example are retired and are barely getting by. I would put money into a savings for them to draw on if they needed something fixed, or had medical expenses that they could not afford on their own.

Answer Posted by | Kathleen Crowley

Answer 6: It would depend on the amount of money you would win. If it where a small amount like a couple of hundreds, I would puat toward my doctor bills, which are really building up. I had, what was suppose to be a minor surgery and due to doctor negligence, I had to have about 3 surgeries to fix the problem. This happend August of 2007, but I am stilling under doctors care to assure all the healing is properly taken place. That was real set back for my family because I ended up being out of work for 3 months.

If it where a very large sum of money, I would still put it toward my doctor bills and other bills we would like to pay off, but I would love to give some to my parents, my brothers, niece and nephews, and to my in-laws. I would want all of us to go on a cruise vacation and enjoy each others couple away from all the hardships of life, just for a week or two. Id rather do something like that rather than to spend it all on myself. What makes me happy is seeing my family relaxing and enjoying themselves.

I would like to give some of the money to my parents and my brother and his wife (my sister) because of the economic status that our economy is in right now. It really isnt hitting us too hard because we were already in the class of citizens that has to struggle everyday to make it. We know what it is like to go without a lot of things we wanted, just so our parents could put food on the table, pay doctor bills, and keep adequate heat in the house, and put clothes on our back. Life is just hard and we dont know what it would be like to live without worries of how we are going to make it from one week to the next.

Answer Posted by | Beryl Robinson

Answer 7: I as many Americans are pressured with the stress of paying off debt. This stress has been so high in my life due to poor financial decisions that I decided to do something about it! The only thing that got me through the stress was the promise I made to myself that if I had extra money, that I would do all I could to help others with it! Rather than buy something for myself, I would help someone that is really in need of a helping hand. Most people have debt and granted they need help but most of us have a place to live and food on our tables. A cause that has been near and dear to my heart is helping people who are homeless and hungry. I have volunteered at my local Rescue Mission and have helped collect over 2,000 lbs of food at my place of employment. I would use the $50.00 to purchase food and buy clothes at the salvation army to feed and clothe the homeless in my community. Im an avid runner and I run by several homeless people on every run. I would hand these deserving people a nice sandwich and a warm coat. These are the people that need our help the most!

Answer Posted by | Stephen M Patrician

Answer 8: To put it simply, Id get myself out of debt!! Once you start falling behind, it becomes tougher with each passing payday to catch up, causing individuals to fall even further behind. I believe that most people in debt are good, honest people just trying to make a living for themselves and their families. With the economy the way it is, many are forced to turn to loans, credit cards, and other necessary solutions that bear long-term consequences. Personally speaking, its not that I (nor many others in the same position) do not want to pay off our debts, it becomes a matter of whats a priority in your life. Many would consider food, shelter, clothing, etc. to be essential basics for life, causing the ability to pay off debts to fall farther down the list of expenses. Id do anything to to have a clean slate, financially, however I had to take necessary measures at that point in time. My income is adequate to support what living expenses I currently have, so if/when I obtain any extra money, it goes directly towards my debt. Unfortunately, the rising interest and late fees never enable me to get ahead. So, if I won some prize money from a contest it would all go to paying off my debts and hopefully ending this cycle!! Whatever extra prize money is left, I would absolutely, without a doubt, give to the other close people in my life who are also in debt.

Answer Posted by | Jennifer Mahon

Answer 9: If it was just a little bit, Id probably buy groceries and cat food, and make sure my utility bills were current. If it were a sizable amount, I would split it between the debts I am trying to settle, and the people in my life that have been generous enough to help me out from time to time. They deserve to be paid back as well, and "extra" money would help me start doing that now instead of waiting until all my credit cards are paid off.

Answer Posted by | SusieQ

Answer 10: It would depend on the amount of money I won. If I won under $500, I would use the money to pay my household bills (electric, phone) and buy groceries. If I won $1,000, I would put it in the bank for a rainy day. If I won $5,000, I would probably use it as a down payment (or possibly full payment) on a new or pre-owned (lease return) car (Kia or Hyundai). If I won $10,000, I would use that to pay off principal on my mobile home mortgage. If I won $50,000 or more, I would pay off my house in full, then take care of my one delinquint card, then if there were anything left over, take care of my charged-off card, and maybe go on vacation.

If I win the $50 for this question, Im going to take my son to the Movie Grill for dinner and a movie.

Answer Posted by | kjc1585

Answer 11: I was laid off Dec 5, 2008 so I would have to be "non-creative and spontaneous" and try to put it into savings account and save up for hopefully a short summer trip with my son. If I were to find another job soon and it paid ok, then I might just donate at least 1/2 the money to charity and the other 1/2 to pay down bills or get ahead for electric bill for summer months!

Answer Posted by | whatevertoday

Answer 12: i will add to the money i earned to send back home for my family toby for their necessities as my son was injured and had a fracture on his leg so he was confined at home as he cant walk, and ill do the best i can as i cant pay my absence as a mother.due to the cost and lifestyle back home ive got to sacrifice to leave my kids for my wish to give them a better education and better life but unfortunately accidents is unpredictable so i tried to answer this question honestly as i need help.

Answer Posted by | julietguidangen

Answer 13: If I were to win extra money from a contest, I would use it to jump-start my small business -- one that caters to those who cannot or do not have the time to run the everyday errands necessitated by life, a service that does not exist in this town. It does not require a lot of start-up capital, so any amount of money would be great. In these times of economic hardship, any amount of money is like winning the lottery! Id also use $10 of it to take my nephew out to eat at McDonalds!

Answer Posted by | Deana Roberts

Answer 14: depending on how much the money it is would make a huge difference. You know I just signed up for the Publisher Clearing House and they said there was a winner in my area so I am pretending I have that won that. I would probably pay off some of my bills, however that may take jobs away form those who keep calling, but I would have enough to pay off those bills and then I would donate money to the 2 schools I have worked for, for technology labs, creating serveral full time positions of tech supervisors and instructors so students would not only have the technology but someone other than the regular teaching staff to answer questions. I would also donate to my local church and help provide small stipends for retreats and youth functions. Then I would probably set up some foundation that provides jobs for going out into the community to help the needy. People could apply for jobs that need to be done, and my foundation would pay people to work on those jobs starting at the planning stage, prep stage through the completion stage. And finally I would build my mom a new home because she deserves the very best! Because you know the Publishers Clearing House makes dreams come true!

Answer Posted by | mjanssen

Answer 15: Honestly I would clean up as much debt as I can. During this economic crisis its harder to get loans because companies are scared to lend out money especially if you are a potential credit risk. I would work on my credit now so when this economy is in better shape I can use my good credit to purchse a home.

Answer Posted by | lakishaesnipe

Answer 16: First of all, I would pay off any debts that I may have. I would then, next, put some money in savings for emergencies,depending what I won, at least 3 months of living expenses.

I would then stock up on groceries-canned goods meat to freeze, and staples.

I would then pay 6-12 months of car and house insurance. This would give me more each month, also, to work with.

I would then give money to my mother, brother, sons, etc, to help them get out of debt.

Answer Posted by | Bossy4455

Answer 17: Winning extra cash would be my dream come true! First of all, I would pay off all my debt. I would pay everything and everybody I owe and enjoy the feeling of being debt free! Second I would treat myself to a vacation if I had enough left over. This has been a very stressful last few years and I would love to get away. But I would make sure I was good first. I would want to be paid up on everything so I do not have to worry about money.

Answer Posted by | bea2ls

Answer 18: It would really all depend on how much cash I won. If I won the Publishers Clearing House cash, I already have a plan to share with my children and my husbands children, save some for ourselves to buy a home and pay off all our bills and put the rest in CDs. If you are talking about $500 winnings, I think I would take it and buy something my husband and I have both wanted, such as an HDTV.

If by chance, you are talking about $50.00, I would probably put gas in my truck.

Thanks

Answer Posted by | Carol Smith

Answer 19: First if enough I would pay off my debts, next I would buy all new carpets (Mine are worn thin and are not keeping in the heat)
If enough left I would buy next Christmas presents and tinned and dried food to put away (ensuring of course that they were in date till at least Feb 2010)
Anything over and I might buy myself a piece of jewellery to remind myself of how lucky I am to be able to do that.

Answer Posted by | Jenny Gibson

Answer 20: I would but it right to paydown something. I would be in heaven to win about $150,000 so that after taxes I couls pay off all my unsecured awful Credit card debt. The money we would save by doing that would allow us to not need or want credit cards!

Answer Posted by | aasaghir

Answer 21: I would put some onto bills to get those down some more. I would also put some into savings in case of an emergency (something always comes up!). One last thing I would do would be to have a movie night or go out somewhere as a family...when you have debt or are tight on money that is something that tends to fall wayside (it is important not to get rid of everything).

Answer Posted by | Jacki

Answer 22: I will put it in a savings account that I am opening the end of this month for a vacation. I promised my oldest two children a couple of years ago that when their little sister turns 5, I will take them to Disney World. Well, she turns 5 this summer and they have not stopped talking about going to Disney World this year ever since her 4th birthday. I didnt realize how expensive Disney World was until this morning when I was looking up hotel and ticket prices so I decided until July, any extra money I have will get put in a savings account so the kids can have a really good time.

Answer Posted by | Kenya Young

Answer 23: the first thing i would do is invest in my future. I would divide the money into 3. 2/3rds of it would go into a prepaid college fund for my 2 sons. Right now, even though times are tough, we are surviving. i want to make sure that they will have money for their education. With the last 1/3, i would put it into a high interest bearing savings account ad/or cd.

Answer Posted by | patricia Lynn gregory

Answer 24: if i knew somebody who needed it.i would give it to them.otherwise i would put it in my savings.

Answer Posted by | paulmergel

Answer 25: pay off debt! I want to be debt free!

Answer Posted by | tmichael

Answer 26: Whatever I won no matter how big or small I would put it against debt and if by chance I had anything left I would put into saving...after I took the family out to dinner (havent done that in awhile).

Answer Posted by | Kay1230982915

Answer 27: Wisely save it if there is a mean, or put it on shelter and food if it is in need...and for some reason my family and neighborhood are in need I will share with them. Give back to churches/ non profit agencies who help those unfortunates. My child education and my health expenses will be also contemplated. Pay off all my debts including my mortgage will be also first plan. OF course save some by investing for my retirement.
Thanks

Answer Posted by | Maria Amado

Answer 28: I would use it to pay off my school loans. If I could pay this off then that would mean in the long run I will be saving money, because of the high interest rate. and if there is any extra, I would put it towards my medical expenses, so it wont go to collectors. That is what I would do if I won some extra cash.

Answer Posted by | Yajaira

Answer 29: PAY MY TITHES AND OFFERING AND PAY OFF SOME PAST DUE BILLS/DEBTS

Answer Posted by | PAMELA JAMES

Answer 30: If I won extra cash at this point, I would definitely pay on one of my payday loans. I am settling my accounts on my own, and I had the courage to do this after finding this website and reading feedback from other members.

Answer Posted by | Alana

Answer 31: pay bills

Answer Posted by | wendy1259

Answer 32: I am 24 years old and i have a substantial amount of Debt.If i get any money this year I will put it toward my DEBT. I have made up in my mind that 2009 i will be out of debt so every little extra penny will go toward my debt.

Answer Posted by | Dennis Henderson

Answer 33: Find which bill can be best paid with it.

Answer Posted by | jacksonj

Answer 34: Depending on the time of the month and the amount I won, I would either put the money towards some of my bills or use it to but necessities like groceries and gas for the cars.

Answer Posted by | dawnlango7

Answer 35: I would buy several can food items and donate them to various homes where they may be in more need than I am currently in, because what goes around comes around and its a gift to share and not llok for something in return.

Answer Posted by | Mol

Answer 36: I will pay bills!

Answer Posted by | spicersm

Answer 37: If I won a contest and was awarded some extra cash, depending on the amount, if it was enough to pay off at least one bill I would definitely do that or pay on several bills. But whatever the amount it will go toward getting out of debt.

Answer Posted by | smeikahenry

Answer 38: pay off as much debt as possible and if I have extra, save it. If I were to win a large amount of money, I would keep enough to live off the interest and donate the rest, and start a hobby that would benefit others.

Answer Posted by | Craig1231459994

Answer 39: I would use it to pay down debt on my lowest credit card that way it feels like Im making progress. If I was debt free, I would put it in my vacation fund!

Answer Posted by | tkedmenec

Answer 40: fix up my bathroom, that has only a wood floor

Answer Posted by | CROHLOFF

Answer 41: I would pay bills with it.

Answer Posted by | rebsoto

Answer 42: Our youth pastor has just informed us that due to the present economy here in Michigan they will have to leave our church, the youth ministry and move out of town. We love them very dearly and will be heartbroken if they move. We know God will bless whenever and wherever they go. I would give it to them as a blessing and an expression of Gods love for them to show that we care.

Answer Posted by | Bob Harter

Answer 43: IF I WON EXTRA CASH, I WOULD PAY FOR MY DAUGHTERS SCHOOL PICTURES. RIGHT NOW TIMES ARE HARD FOR ME, SO THAT IS WHAT I WOULD DO IF I WON.

Answer Posted by | yesmar25

Answer 44: I will totally pay things on my credit report so I can up my credit score to get in a position to buy a home and a car at a good interest rate and stop being robbed with high interest rates and ridiculous rent.

Answer Posted by | crystal_cummings2003

Answer 45: Pay down some of my credit card debt!!!

Answer Posted by | MEANBEAN67

Answer 46: I would save it to make sure our mortgage payments were met each month, since my son just got laid off and my internet business is not earning as much as it was.

Answer Posted by | diana

Answer 47: hello if i win ai am going to use it on investmennt on my musics carea

Answer Posted by | ugwu augustine

Answer 48: I would put it towards my credit card debt!

Answer Posted by | Cynthia Wendling

Answer 49: i would use it to pay off some debts.

Answer Posted by | debra ybarbo

Answer 50: I would actually put it in the bank in attempts to collect some interest and only use it for emergency issues

Answer Posted by | richarja

Answer 51: I WOULD BUY THIS BUILDING NEXT TO MY APARTMENTS AND OPEN A BEAUTY SUPPLY SHOP. HIRE SOMEONE TO MANAGE IT, STILL KEEP MY JOB AND HELP MY MOTHER OUT WITH HER HEART MEDICATION. MAYBE GO ON A NICE VACATION.

Answer Posted by | NATASHA BARBEE

Answer 52: In these tough economic times; time and money management is crucial, I would invest some of the money into a Not for Profir financial consulting business that would offer free help to those who cannot afford it to help them get back on their feet to financial management and /or freedom. Programs like debt management courses, credit assessment services, free year round credit report alert etc.

Answer Posted by | monicafranklin

Answer 53: i would use the money towards the credit cards i racked up installing my furnace this past fall! I hate creditcards and never use them, but our furnace went and we didnt have enough cash to pay for it out right, so it was credit cards or no heat. i chose heat of course! but now im sad!!!!!!

Answer Posted by | love_my_things

Answer 54: The responsible thing; apply it toward the credit debts that Im paying off. I have investment plans, sure, but those become more feasible as I get closer to square one.

Answer Posted by | mister_rodger

Answer 55: I would use the money to help buy extra food and then take half of the food and give it to a shelter, in this time of crisis food is not cheap and I know how it is wandering what your gonna do for items such as these when you do not have the funds to pay for them.

Answer Posted by | Marie Cox

Answer 56: I know I should say I would do something responsible with the money, but I will be completely honest. I would take my kids out to a movie and maybe to a buffet place. We dont often get to go out as a family; it cost us about 75 dollars an outting, if we include a movie.

Answer Posted by | FYI

Answer 57: I WOULD PAY OFF MY PAYDAY LOANS AS THEY ARE DROWNING ME. I CANT KEEP UP WITH THEM .MY BILLS ARE NOW PILLING UP BECAUSE ALL I PAY IS THEM.OVER 2000$ IN LOANS NOW..IF THERE WAS STILL MONEY LEFT OVER I WOULD HELP SOMEONE ELSE GET OUT FROM UNDER THERES IF I HAD ENOUGH MONEY.

Answer Posted by | woodydelles

Answer 58: paid my debts especially my mortgage Smile

Answer Posted by | crchp1970

Answer 59: Im sure this is not a very original suggestion, but as I have a medical debt, I would pay that first. I would also set aside 6 months salary as an emergency fund. The balance would be spent to help family and charities.

Answer Posted by | Robin Peterson

Answer 60: I would pay off any outstanding bills and save the rest!

Answer Posted by | ajrandolph11

Answer 61: I would strictly use the money to help pay bills.

Answer Posted by | Loray Jordan Jr

Answer 62: I would first pay off my bills and anything on my credit report depending on how much i won and then I would save some back to soon put twards buying a house!

Answer Posted by | Brittney

Answer 63: I will clear all my debts and lead a debt free life.

Answer Posted by | ramesh

Answer 64: I would pay off my bank loans and save the money in good interest rate saving plans and also save money for my 6 years daughters so that she can use it for her higher studies.

Answer Posted by | Ms Harsukhjeet Gill

Answer 65: Give10% to the churchand help people that are having trouble paying heating bills.

Answer Posted by | John Clark

Answer 66: I would use the extra money to find a larger living space and move!

Answer Posted by | Miichele Myers

Answer 67: Pay back all that I owe and feel the relief of being debt free

Answer Posted by | marcuccilori

Answer 68: I would put it towards a bill

Answer Posted by | marquetta holland

Answer 69: I will use it for bills.

Answer Posted by | dylan plante

Answer 70: Pay bills

Answer Posted by | mydolfinn

Answer 71: depend how much it is...I would like to buy enough gas to go to Seattle and visit my brother so he could meet and see my kids in person. Or, I just want to take me and my kids and their dad to have dinner at Joes Crab shack or to Outback Steakhouse.

Answer Posted by | Ginah Lazo

Answer 72: I would get caught up on our mortgage so we can refinance our house & second mortgage & get it my husbands ex wifes name off the loan!

Answer Posted by | Lesley 1232639567

Answer 73: I THINK I WOULD PAY WHAT I OWE FIRST THE PEOPLE TO MAKE IT EASIER THEN THE CREDIT CARDS AND LAST TO GET THINGS FOR THE HOME THAT ARE NEEDED. IF THERE IS ANY LEFT OVER PUT IT IN MY SAVINGS ACCOUNT FOR LATER IF I NEED IT FOR AN EMERGENCY. ID PAY OFF MY HIGH INTEREST RATE CREDIT CARDS FIRST THOUGH.

Answer Posted by | RAQUEL RAMIREZ

Answer 74: Pay off my debt.

Answer Posted by | errickka

Answer 75: If I win a contest and get some extra cash I could use it to pay some of my utility bills that is piling up, and possibly pay any other outstanding bills to get me current and back on track. Ill take $20 now just to pay on bills

Answer Posted by | donna

Answer 76: Let my wife use it to pay for 2 months of karate classes. She deserves someway to relieve stress, and that seems to help her.

Answer Posted by | Chris1232762104

Answer 77: use the money to pay toward/off a late or overdue payment to catch up.

Answer Posted by | sweetrokrbabe

Answer 78: Depends on how much. Probably pay a bill. I lost my job and now am really behind. Good news I found a new job and will start in a week. If it was a lot of money. I would help get my parents bilss straightened out.

Answer Posted by | sunshine36867

Answer 79: I WOULD FIRST PAY OFF SOME OF MY DEBTS AND THEN USE A PORTION OF MY WINNINGS TO START MY SECURITY BUISNESS THAT I HAVE DREAMED OF OWNING.

Answer Posted by | MOLINA8916

Answer 80: 1. Give 10% to the church.
2. Pay off all my debt.
3. Make sure my family members have homes and debt free.
4. Create an account with some to take care of myself for the rest of my life.
5. Give the rest to some one in need.

Answer Posted by | Edith Zanders

Answer 81: Since this kind of money is a windfall and not expected income, I would put it in a savings account to use for either a rainy day or toward a bigger goal. Of course, if the amount of the winnings was large enough, I would pay off as much debt with it as possible.

Answer Posted by | Yolande

Answer 82: I would pay off my loans to start. As I know I am responsible for them but just can do them all at once.

Answer Posted by | Debra Kitowski

Answer 83: If this happens, I will use that money to payoff my parents loan of credit cards. That credit cards were used to pay my education and living expenses as his income was less. Now I myself dong 2 jobs to payoff his loan.

Answer Posted by | Muhammad A Farooq

Answer 84: First and foremost, I would pay all of my debt and medical bills. Then I would find me a home for me and my boys. If I end up with any extra, I will put it away in investments.

Answer Posted by | jennifer.mccrea

Answer 85: #1 - pay off debt
#2 - Pay off mortgage
#3 - With any left over I would invest 50 % of it in tangible assets like gold, diamonds, etc.
#4 - Put some in an emergency fund savings account

Answer Posted by | Jerry1232944248

Answer 86: apply to a bill that i need to pay

Answer Posted by | donaldlibby

Answer 87: i have to go so my first response is hope its enough to plan a dentist visit. Ive been told both girls need braces (already), but the youngests just caring for hers is what it is. At 7 her end alone was $650 and were almost at ayear since. On the bright side im aloud to do monthly payments.

Answer Posted by | gooses3

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