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I recently consolidated my credit card debts and destroyed the cards. Now I'm dealing with paying the credit union back at 10.9%. I owe them approximately $8,000. Before becoming a Fool, my intentions were to open a money market account with the Credit Union. However, now I guess I need to just put all extras towards my loan and forget the savings for now. I also have $100 coming out of my check/month going towards a profit sharing account here at work (my own dollars -- they give us 4% of our salary to defer or keep -- whatever you defer, they put another 2%). Should I stop that $100 as well and put it towards my loan? Please help this fool -- I am desperately trying to get a debt free life!!!
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