What should I do?

iVillage Member
Registered: 01-30-1999
What should I do?
6
Sun, 02-15-2009 - 12:19pm

I want to pay down my credit cards ( I've been able to do some about 1600.00 worth recently) even more with some of my savings but my husband's job situation sucks. I 'm afraid to use much of my savings b/c of that. But I am so disgusted at what the credit cards are doing recently with increasing rates on the people that are paying on time.


It's not like I could wipe out much b/c I have alot of cc debt . I have an account with money (about 1800.00) for my kids and I was thinking of using it.......what do you think?


Should I hold on to it due to my husband's work situation? He is working now...about 4 more weeks then has no idea where the next job is coming from. The stimulus package does nothing for the construction guys!


iVillage Member
Registered: 11-17-2007
Sun, 02-15-2009 - 2:48pm

I would keep the money in saving and use the interest it makes to snowflake on the bills.


that way you do both. Snowflake and a have back up saving too.


Mary Ann

iVillage Member
Registered: 04-12-2007
Sun, 02-15-2009 - 8:42pm

If it were me, I'd hang onto that money for right now.

iVillage Member
Registered: 01-06-2005
Mon, 02-16-2009 - 11:43am

You said this money would not wipe it all out, so now is probably not the time to dip into your savings. Snowflake what you can every month from any extra money you earn or save. Reevaluate in 4 weeks.


 

Image hosting by TinyPic

iVillage Member
Registered: 09-07-2003
Mon, 02-16-2009 - 11:47am

I would hang on to the money for now.

Teresa
http://www.affordingpickles.blogspot.com

iVillage Member
Registered: 01-30-1999
Mon, 02-16-2009 - 1:01pm

Thanks everyone. I agree that I'm gonna leave it alone for now. I actually have a bigger savings also in another account but am scared to death to bring it below a certain level. If my DH continues to work steady and I get overtime or tax refund I will both save and pay down debt.


I guess I was just feeling anxious and peeved at the credit card co.


Michelle

iVillage Member
Registered: 11-14-2008
Mon, 02-16-2009 - 1:18pm

Hang onto the money. In fact I would build it to an even $2000 with your situation. Then I would take comfort I had reached my goal, then start chipping away at the CCs. I have some savings as well and it is hard not to think about how much better the debt situation would be if I threw it onto the debt. The reality is though, that things happen. If it is not a job loss, it could be something else. Car repair, medical emergency? Even having to go out of town when you are not planning to can be a big expense. It is good to be prepared with cash because you cannot use credit for all emergencies and it would be terrible to back slide on your debt journey if it is avoidable. Keep at it, slow and steady.