With the extra amount, is it better to repay debt or keep it as savings?

Date: Wed, 09/13/2017 - 23:12

Submitted by Emyda
on Wed, 09/13/2017 - 23:12

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Total Replies: 5

I have debt in 1 credit card. I have to repay about $3200. I have managed to save $1200. And, I have got $800 as bonus from my workplace. I am wondering will I use this amount to repay the debt or keep it as savings. What will be a better option? Can you help make the decision?dada

Pay $1200 to your creditor

Pay $1200 to your creditor and keep $800 in your emergency fund.

lrhall41

Submitted by ditchdebt on Thu, 09/14/2017 - 03:09

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So, now you have $2000 in

So, now you have $2000 in your wallet??
It's better to save the money that you got as a bonus ($800), and reduce your debt amount by using the saved amount ($1200)

lrhall41

Submitted by Barbara Delinsky on Thu, 09/14/2017 - 06:53

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Paying off the credit card

Paying off the credit card balance will help you avoid interest payment in the next month. So, try to clear the debt and save the remaining amount. From the next month, plan a budget and try to save a substantial amount.

lrhall41

Submitted by Mabelle Page on Thu, 09/14/2017 - 06:43

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Use the bonus to repay your

Use the bonus to repay your credit card debt. Try to get out of debt as soon as possible, credit card interest is high, you will lose your money on paying the interest rate. So, get rid of them soon,

lrhall41

Submitted by Sanders Patricia on Thu, 09/14/2017 - 06:12

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Your first priority should be

Your first priority should be getting rid of your debt. What you can do is make payments of $1500 and save $500. So you can make 2 shots with one bullet!

lrhall41

Submitted by Phil Bradford on Thu, 09/14/2017 - 06:34

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