Keep Cash or use cash to pay off debt?

iVillage Member
Registered: 04-21-2009
Keep Cash or use cash to pay off debt?
4
Tue, 04-21-2009 - 11:48pm

Hello all! My hubby and I are at eachother's throats with this discussion.

iVillage Member
Registered: 04-21-2009
Wed, 04-22-2009 - 9:20am

First I want to say that I am no expert. The opinion I offer is my own and I'm sure you will receive an answer from someone more qualified.

As for my 2 cents, first, I would take 1/2 of your saving ($10,000) plus the Tax return money ($8,000) and pay off the card with the highest balance.

Second, I would take the extra $3000 per month and pay that directly to the second card until it is paid off. (6 months)

Finally, after the 2 cards are paid off, I would take the extra $3000 per month and apply it to savings.

By doing so, in one years time, You will have paid off both credit cards and grown your savings to $28,000.

Community Leader
Registered: 03-17-2003
Wed, 04-22-2009 - 12:13pm
If your jobs are secure and income is stable, then I would take half of the cash in savings plus the $8,000 refund and apply it to one credit card.
iVillage Member
Registered: 04-21-2009
Wed, 04-22-2009 - 4:20pm

Thank you SO MUCH for your response and putting the numbers out there.

iVillage Member
Registered: 08-29-2010
Mon, 09-06-2010 - 10:14pm
Well you and your husband are TWO SEPARATE PEOPLE so let him do what he wants with HIS part of the money and you do what you want with YOUR part. If he earns all the money and you're just a golddigger then you should keep your mouth shut.