I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.

I am a widow. This will clear my credit card debt but decrease my savings quite a bit.

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

I%26#039;m not that financially savvy, but I think you%26#039;d be bettter off chipping away at the card and keeping your savings. Who knows when you might need it? Make decent sized payments and get it paid off quickly, but keep your savings at a comfortable level for you.

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

You are only paying 3.5% on your Discover?

The only reason to pay it off is if that $4,100 is bringing down your credit score. If your total credit available / credit balance ratio is above 30%, you should pay it off or down anyway.

Otherwise, don%26#039;t be in a big hurry to pay it off. You can put the cash in an online high-interest savings account. Why lose the liquidity?

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

yes or that debt will grow and grow and grow

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

I would definately pay off any debt that you have with credit card companies.

Not only will it improve your credit, but you will deal with less stress in your life as well. The rate your card is charging you is probably the same (if not more) than you are earning off that 4100 sitting in the bank. So yes, pay it off.

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

WOW, are you sure? 3.5% interest, not 35%????

Pay down on that debt every month, paying double (or triple) the minimum due, but if it%26#039;s 3.5% truly, just keep paying it off. You%26#039;re not getting much interest on the money and it%26#039;s very cheap interest. Pay on time each month, pay double the minimum, and you%26#039;ll have it paid off without depleting your savings.

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

Pay off your debt!!

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

Is that right - your card has a 3.5% interest rate?

It really does depend on what rate you are getting with your savings. If it is a high yield savings where you are earning close to 5% then I would suggest just gradually paying it off. You could make more than the minimum payments to save money on paying interest, but this way it wouldn%26#039;t diminish your savings quickly.

However, most people have a traditional savings account which usually earns 0.5% interest or less. If that is what you have, you are accruing more interest fees through your card than you are in your savings. In other words you are actually accruing more debt.

Rule of thumb - if your credit card interest rate is more than the interest rate you are earning on savings - you are losing money by just letting your money in savings sit there instead of paying off your debt.

So then my advice to you if you have a regular savings is to pay off the credit card balance. Then that money you were using for payments each month - you can put that into your savings account and rebuild it rather quickly.

I%26#039;d also suggest putting your money in a high yield savings account if you haven%26#039;t already.

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

I had this same question when I got my tax refund. A very wise man (okay my dad) told me that when you have a credit card debt it is better to pay your monthly bill instead of paying it all off at once. It builds better credit that way. It makes you look really good to. So my advice is...if you can hold onto that 4100 dollars, make your usual monthly payments until you are paid up.

I have $4100.00 in debt that I can pay off with my savings acct. Should I? It is a Discover card. 3.5% int,?

Dave Ramsey is a great help on this. You should set aside $1000 as an emergency savings fund, then pay every spare dime you have at your debt (and CUT UP YOUR CREDIT CARDS, you don%26#039;t need them, you can do the same things with a debit card). Once your debts are paid off, try to get a fully funded savings (around 3-6 months of your income). visit www.daveramsey.com. Think of the freedom you would have if you had no debt and a fully funded emergency savings. WOW!