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Should I just pay it off?

Ladies, I have saved enough money to pay off my credit card. I will have to use all my savings to pay it off today. What would you do? Pay the whole amount and be done with it, or pay part of it and save some money?

Answer Question
 
Anonymous

Asked by Anonymous at 10:24 PM on Apr. 3, 2010 in Money & Work

Answers (17)
  • Pay it off, never know when you may get the chance to again,
    Mrs.Owen86

    Answer by Mrs.Owen86 at 10:26 PM on Apr. 3, 2010

  • Keep some of the savings for an emergency (like $500) and throw the rest on the debt. Then you can build up your emergency savings to something a little more substantial.
    Anonymous

    Answer by Anonymous at 10:27 PM on Apr. 3, 2010

  • I would pay it off. We paid ours off recently and it feels so good to be debt free! (except for our house mortgage)
    Anonymous

    Answer by Anonymous at 10:29 PM on Apr. 3, 2010

  • I would just pay it off. We always pay ours off when we get the chance because we use it for emergency.
    MiSs.SmOkEy

    Answer by MiSs.SmOkEy at 10:29 PM on Apr. 3, 2010

  • Pay it off!
    Katt709

    Answer by Katt709 at 10:29 PM on Apr. 3, 2010

  • Thank you ladies, I was leaning to payint it off. I am about to do that right now.
    Anonymous

    Answer by Anonymous at 10:31 PM on Apr. 3, 2010

  • Yeah I'm trying to pay mine off and it feels great the closer I get to a zero balance. Depending on your interest rate you could save more money in the long run by paying it off compared to the small interest you'd get by saving it.
    Anonymous

    Answer by Anonymous at 10:39 PM on Apr. 3, 2010

  • It done! I paid it off. I feel like a weight just lifted off my shoulders. The interest rate was so high, so I'll try to save what I was paying every month.

    Anonymous

    Answer by Anonymous at 10:45 PM on Apr. 3, 2010

  • OK, you paid it off. Now, get rid of the card so you're not tempted to use it again now that you've used up your savings. Find a way to pay cash for anything that comes up.
    halfpint_ny

    Answer by halfpint_ny at 10:55 PM on Apr. 3, 2010

  • Good for you
    mamaofficer

    Answer by mamaofficer at 11:19 PM on Apr. 3, 2010

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