Hi all. This has probably been asked a million times here but I need more of a personalized advice (I think?).
I have a $5.2k cc debt with 24% interest rate (one late payment caused the high interest rate, waiting until mid February to negotiate the rate back down to what it was). cc limit is $6.5k
I have a savings account with $4.8k
Nothing else in terms of liquid money. I’m beside myself with this cc debt; I can’t stop thinking about it and I’m not sure if I should just pay it off right now. I wanted to have a 10k savings cushion before paying off the debt but I’m not sure if that’s the right move.
I save around $700 from my paycheck, so I could get my savings back at $4.8 in around 6.5 months.
Please no hateful comments, I just need some advice. Thanks.
Edit: Forgot to mention that I’m mostly worried about having a fairly empty savings account for a few months.
Submitted February 04, 2021 at 12:29AM by additionalbutterfly2 https://ift.tt/3jeq6gW
