The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Paying off the balance Date:  12/24/1997  5:35 AM
Author:  pwyles Number:  339 of 309665

Just a few related random thoughts. Know the feeling on brakes I had a car like that. It needed a $600 brake job every three years the second time it needed it the car looked like a trade-in if I ever saw one. Too bad I didn't know how a fool buys a car at that time. I paid too much for the current car, live and learn.

I agree that you must have a cash reserve. All my major appliances belong to the same union and went on strike over the space of a year.

I have a question regarding which element of personal finance should have the highest priority. Faced with plastic debt and an insufficent cash reserve (read as 2 weeks salary). Which should have priority retireing debt or building the cash reserve for the next unplaned expense. T