UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: xtn Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308782  
Subject: Re: Getting out of Credit Card Debt Date: 11/17/2000 10:52 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I don't see anything wrong with withdrawing 1/7 of your non-retirement savings to pay down debt. But I have a few things to preach about before I condone it.

1. The BEST situation (financially) would have been not to buy a new car yet.

2. If you pay off the cards, can you resist running them back up again? If you run tehm back up you will have effectivly thrown away 1/7th of your fund.

3. Is the Fund continuing to do as well as it has for the last 10 years? Sounds like a good percentage that might be making more than the cards are costing you. If this is the case you are making more than you are loosing so you should leave it in and pay down the cards with your regular income as best as you can.

xtn

Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement