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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Should I pay off a cc with my ING fund?||Date: 1/23/2006 5:14 PM|
|Author: TMF2Aruba||Number: 219119 of 310649|
I hate to watch you struggling to meet other expenses down the road a bit, simply to wipe out a single bill right now.
I'm with Nancy.
Financially, when you get down to it, yes, you'd save a little money by using your ING to pay off the CC debt once the rate increases.
But that said, you'd be raiding a very important emergency fund that allows you to sleep at night knowing that there's cash available should the unexpected happen. It's a good feeling.
Now, the Fool in me would argue my own point by saying, "True, but if there were an emergency, you could fall back on that card."
But then, there's another part of me (non-Foolish? more Foolish?) that argues that point by saying, "Yes, but the idea is to not just pay off the card, but to avoid using it at any cost."
Ahhh, such a quandry.
Here's the solution:
Whether you agree with Nancy and my way or not, that's not the issue. The issue is what you answer yourself when it comes down to how comfortable you'll be with the decision you choose. Is having that balance making you nuts, or will it drive you even more mad depleting that account you worked so hard to build up in the ING account? Whichever you feel better with, that's the answer.
I look forward to hearing which way you choose. Good luck!
...but I still am...
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