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#188681 - 08/22/09 09:27 PM Save or pay off credit cards?
yonuh Offline
Member

Registered: 06/14/06
Posts: 2447
Loc: Arizona
Just asking for opinions here. I've seen experts on both sides of this debate. Some say pay the minimum balance and save; others say pay off credit cards asap, then save. I have a client who is debating this with herself, and I'm not telling her either way, but then I was curious about what you think. My inclination right now is to pay the minimum due and put away everything you can in savings 'just in case'. Others I know are throwing everything they can into their credit card payments to get them paid off.
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#188682 - 08/22/09 09:36 PM Re: Save or pay off credit cards? [Re: yonuh]
gims Offline
Member

Registered: 01/16/07
Posts: 3402
Loc: USA
I chose to pay down my credit cards, then limit use to one. We have two, another in case of emergencies... plus, it helps our credit score (isn't that the dumbest thing!).
I started with the smallest, then went to the next, and so on, finally paying them all off. We've not replaced any, and don't intend to. Along the way, I continued to save, at a very small amount, but I had every intention of preserving the habit. Mind you, I'm a careful spender, as we've never been a high income couple... this might have had something to do with my success.
Things being the way they are might lead one to think having balances on credit cards a good thing... I think the opposite, but I can't think of walking away from a balance like someone else might, if things got rough. My thoughts, of course... I'll add that it feels good not owing him, her, and them.

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#188694 - 08/23/09 03:17 AM Re: Save or pay off credit cards? [Re: gims]
orchid Offline


Registered: 01/21/07
Posts: 3675
Loc: British Columbia, Canada
Depends on the outstandindg amount to be paid and if you know you can pay off the whole credit card debt in 2-3 months. Then paying off some interest isn't a huge deal if one has deal with purchasing expensive, seldom bought furniture item on credit.

For myself I pay the whole monthly credit bill. I've had and used credit card since I was around 22 or so. I've defaulted only twice by accident, to pay off monthly bill: meaning i forgot to pay my monthly credit card bill.

I really don't want any credit card debt to carry over to next month.

It's a freaking amount of money for already high credit card interest on unpaid total amounts.
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#188904 - 08/26/09 12:22 PM Re: Save or pay off credit cards? [Re: orchid]
celtic_flame Offline


Registered: 11/24/06
Posts: 2930
Loc: Belfast/Northern Ireland
our interest rates are rising so much compared with interest rates on savings that its counter productive or cost you more to save than pay the cards off. I putting everything i can to pay the things off. don't know if its same your end, interest rates wise.

because interest rates are so low people with cash are spending and getting good discounts because stuff permanently on sale.

people dependent on a large cash sum interest payout are really struggling because rates are so low. but that's a whole new direction sorry. Its not my position but it saddens me on people working and saving all their lives and now it aint working out for them
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#188982 - 08/27/09 01:42 PM Re: Save or pay off credit cards? [Re: celtic_flame]
orchid Offline


Registered: 01/21/07
Posts: 3675
Loc: British Columbia, Canada
I believe our credit card interest rate for debt is 18%. I guess I don't know exactly the rate simply because I always pay off my monthly bills.

Just don't want debt. So the sooner you can pay off the debt the better, because as celtic said the savings account interest rate and interest rate for fixed financial instruments (the safe instruments) rates are low.
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#188986 - 08/27/09 04:05 PM Re: Save or pay off credit cards? [Re: orchid]
Dotsie Offline
Founder

Registered: 07/09/08
Posts: 23647
Loc: Maryland
We pay credit cards off monthly too, but recall when the kids were younger and we tan a balance.

A friend recently got a home equity loan and the percentage rate was in the 3s! They paid off their credit cards and now have a tremendously lower interest rate.
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#189185 - 09/01/09 02:34 PM Re: Save or pay off credit cards? [Re: Dotsie]
Saundra Offline
Member

Registered: 11/18/05
Posts: 1796
Loc: Daytona Beach, Florida
Yonuh, according to Suzie Ormond, the expert, the rules have changed. She used to tell peple to pay it off. Now she says keep your money and pay the minimum.
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#189187 - 09/01/09 02:35 PM Re: Save or pay off credit cards? [Re: Saundra]
jawjaw Offline
Da Queen

Registered: 07/02/03
Posts: 12025
Loc: Alabama
Better yet, don't have one. Pay cash for everything. Have one for a rental car or airline ticket, and that's all.

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#189325 - 09/03/09 07:54 PM Re: Save or pay off credit cards? [Re: jawjaw]
Dotsie Offline
Founder

Registered: 07/09/08
Posts: 23647
Loc: Maryland
Great idea JJ. My aunt died at age 92 and never had a credit card.
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#190851 - 09/30/09 04:08 PM Re: Save or pay off credit cards? [Re: Dotsie]
MustangGal
Unregistered


I think that she should pay off the credit cards. Then once paid off, have only one card that pays you (her) back. For instance, I charge pretty much everything on one card (albeit save Ann Taylor Loft) and I know my budget limit. Thus, I use less stamps and I earn POINTS. I save those points and that is how I fly for free! That is the only way I can afford a plane ticket these days.

Once she has paid of the cards, decided her choice of payment (cash or charge), then she can save a certain percentage.

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