Pay off debt vs save
Date: Fri, 12/18/2009 - 03:34
Well, I'm in a dilemma. I'm torn between saving now or pay the debt.
What I am saying is I'm trying to build a fund before starting negotiating with my creditors but I am also worried about the possible legal actions that they might take against me in such situation. What do I do? Shall I stop making payments to them and save every single penny that I can or keep paying them without worrying about future possibilities?
Also there is a high chance that I might face unemployment sometime at the middle of next year. Hence, saving seems to be the priority but I???m not sure.
Hope to get some advice.
What I am saying is I'm trying to build a fund before starting negotiating with my creditors but I am also worried about the possible legal actions that they might take against me in such situation. What do I do? Shall I stop making payments to them and save every single penny that I can or keep paying them without worrying about future possibilities?
Also there is a high chance that I might face unemployment sometime at the middle of next year. Hence, saving seems to be the priority but I???m not sure.
Hope to get some advice.
I'm sure you'd get more input from other member's too but IMO yo
I'm sure you'd get more input from other member's too but IMO you must save for now if you can afford and pay off the creditors later and then settle with lump sum money.
Also, if there is a chance for you to get laid off in the future, you need to build a cushion so that you can survive till the unemployment check starts coming.
Paying debt is important but when it comes to your survival vs debt payment, I'd say first you ensure food and roof for your family and then pay bills.
