On Wed, 16 Apr 97 08:03:35 -0600, y wrote:<<On Wed, 09 Apr 97 17:43:01 -0600, WorkingOnIt wrote:<<Hi all,I've seen articles that recommend having 3-6 months' worth of living expenses saved in cash. But what if I have a large credit card debt at 12% interest? Right now, I've got about 1.75 months of living expenses saved up, earning 4%. It would take me another year to get to 3 months' worth.If I left the savings intact, I could pay off the CCs in 33 months. If I kept, oh, $1000 or something for quick cash emergencies and applied the rest of the savings toward the CC debt right now, I would be paid off in 27 mths, and would save about $1100 in interest. In this case, were a serious emergency to occur, I could always get the cash back off of the credit cards.Any thoughts or experiences here?Thanks.* I am 'WorkingOnIt' :-)*****I once had a college accounting professor state that credit card debt was the DEBT DEVIL--worse than all other kinds. He went on to ask "What use is a savings account for emergencies if you have credit card debt?" His point was that in an emergency, the most important asset is GOOD CREDIT. His advice was to take cash and pay off as much debt as one was comfortable with paying at one time. The sooner you are debt free, the sooner the money you make stays in your pocket.Maudibe>>>>
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