I call this a real hypothetical because it is something that could happen to anyone, but it is happening to me. Any advise is appreciated! I did not find identical posts, but apologies in advance if this is a duplicate. So, here it goes:
I recently received $3000. I have $3,300 in credit card debt with APR of 21.49% (yes, I know that's grossly high. what can I say, I was young and financially dumb). I am also interested in investing in a Roth IRA to save for retirement (I still need to shop around. If there is a better investment, I'm all ears).
Would it be better to pay off my cc debt in full or use my recent profit to invest? Any advise is appreciated!
Some more background: I am not currently employed (unpaid summer internship), but I will be employed at least part-time, minimum wage come September. I have very small savings, but I can manage to make the minimum payments. Also, if it's not obvious, I'm a university student.
Submitted July 09, 2018 at 07:24PM by Discipulus-616 https://ift.tt/2KGMy4e
