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How fast can I repay holiday debt?

Submitted by Kaneser on Mon, 01/11/2021 - 20:24

How fast is it possible to repay holiday debt? Somehow I have incurred about $5000 during the holidays in my credit card. I can pay it off with my savings. but I don't think it'll be a wise decision. My job is stable but don't know since many are telling that we can experience an economic recession.

The best solution according to me is you can opt for a Balance Transfer Card. With a 0% interest rate, you can repay your $5000-holiday debt.

Thus you can save money on interest.

Submitted by Ryan Miller on Wed, 01/13/2021 - 23:14

Ryan Miller

( Posts: 249 | Credits: 2769 )

Balance transfer is a good option. But I feel that it is better to pay off the debt with your savings. You have to pay off the debt at some point in your life. So, it is better to repay it now. As far as recession is concerned, you can try to do a side-hustle to build your savings.

Submitted by David Martin on Mon, 01/18/2021 - 23:01

David Martin

( Posts: 394 | Credits: 3933 )

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