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Hello. I am new to this site and cannot express how happy I am to find it!

I guess I need some advice regarding a situation that my husband and I have regarding finances. I am extremely frustrated :o)

Here's the scoop..My dad gave us 10,000 dollars last year as a gift for our 2 year old daughter's future college education. What a gift! Now, it has been sitting in our savings account now for 6 months because I am trying to figure out how to invest it *wisely*. Given my current knowledge of investing is *NILL* (well now it is a little better since viewing this site) I haven't done anythign with it.

Here is where my frustration begins. We have about 5,000 dollars in credit card debt. *I* want to pay off all of our CC debt and then invest the rest of the 5,000. We currently have about 2,000 at 12.9% and 3,000 at 1.9%. I figure that since we are currently sending about 500 dollars a month to credit card companies that if we were to just pay off the credit card, that it would free up 500 dollars a month to send back into an investment account for our childs education. THat way we are replacing our money from OWEING interest, to GAINING interest.

Anyhow, my husband says No. He says that the money was given to our daughter and we shouldn't touch it but rather only invest it for her education. I say HOGWASH. If we plan on paying for her education, it makes sense to get us out of debt now and invest for her monthly after that. I'd rather gain interest rather than pay it. I am so very frustrated by this that I don't know what to do. Anyone have any idea's about how to change his narrow mind?????

Thanks
Jenn
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