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Author: bonitajennita Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311070  
Subject: pay down cc or keep in savings Date: 11/10/2003 2:35 PM
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I accidentally posted this to the wrong board. So here it is. And based on reading the boards I know you are supposed to pay off cc first, but given my situation I thought I'd seek advice. Thanks!


I recently moved half way across the country with my boyfriend. Neither of us had jobs, but we'd saved up about $4K. We both have student loans, but we're trying to defer. After about a month I decided to do temp work, but I had to buy a car in order to get there every day (used car, $1100). He's still looking to temp so I'm the only one bringing in money right now. I put most of the moving expenses on my credit card (moving truck, gas, etc) assuming we'd pay it off right away when we found jobs. Since it's taken us longer to find jobs we've used some of the savings (and cc) for living expenses and such. There's only $700 left of the $4K. My credit card bill is now $3600, but I'm sure I can put a huge dent in it once I get a 'real' job and my boyfriend gets a job. Yes, I've stopped using it and only use cash now. My basic question is should we leave that money in savings or make a large payment on my credit card? (I've already made a $500 payment a few weeks back.) Other ideas or advice?
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