Kimme asked:
I have $14,000 credit card debt. I know, it is getting bad.
I have $14,000 credit card debt. I know, it is getting bad.
I just came into a $4600 inheritance–should I all that money to pay down my credit card? I’m hoping that it will reduce my finance charges.
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why do you have that much debt anyways. you should know better than to spend beyond your means. but i would go to a debt consolidator to get it fixed. stop using your credit cards!!!!! use cash.
If you have other savings and steady income, you can put that whole $4,600 toward your cards(s). If you have more than one card, pay off the one with the highest interest. And keep working at it that way (future payments; once inheritance is gone). This will be your best weapon at reducing finance charges. If you have other cards that have balance transfer offers at reduced interest rates, make use of one or two of those. However be aware of fees (usually 3% of amount transferred) and make sure you have transfer paid off before offer period ends (expiration date). Otherwise, you might only succeed in adding more in finance charges and other fees.
I owed $25,000 (I was young and dumb) in credit cards debt now I’m down 10,000 in 8 months. You can work this debt out on your own without a debt management company. It’s going to be hard, but it’s well worth it.
What I would do if I were in your situation-
1) Give 10%
2) Get $1600 and save it into a emergency fund.
3) I’d then I’d use the rest to pay the debt. I’d completely pay the lowest credit card balance first, then the second next, then the third… etc.
I suggest paying the lowest balances first because I want debt out of my life fast. For example, if I have a small balance of $300 at 10% and a debt of $8,000 29%. I’d rather pay out the $300 balance and have Visa out of my life… forever.
That’s what I would do
I’ll confess that ever since I got rid of some credit card debt, life has been very good. Good luck.
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If you have your credit card debt on multiple credit cards, you might want to do credit card consolidation. Credit card companies sometimes even pay you to transfer your balances. You could transfer it to get a lower interest rate and make it more manageable.
I would also consider getting rid of your credit cards so you aren’t tempted to spend anymore.
Enroll in some kind of debt-relief program – start using cash and minimize your credit card usage, avoid borrowing money, and attend to debts first with higher interest rates. You can read more at
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Kimme,
You are very wise to even think about using your inheritance to pay down your debt. Many people would just go out and spend it, leaving the debt for another day.
You didn’t provide a lot of details, so here are some generic suggestions.
Presumably you have several debts included in that $14,000 which would actually be a good thing. If you could pay off one or more of the credit cards with that $4600, I would definitely recommend that. By getting rid of one or more debts completely, you will get a psychological boost that just putting the $4600 towards a high balance will not give you.
If you have absolutely NO savings, you should put some of it into a savings account for those unexpected things that come up. $1000 is the recommended minimum and while it is hardly enough, $1000 will go a long way towards offsetting many budget-killing unexpected expenses. $1000 into a savings account would give you a little cushion and still leave $3600 to apply towards your debt.
If your credit is good and you get offers for low interest balance transfers, these can be worthwhile. Just read the fineprint and do the math and see if it is a good idea.
If you are still using the credit cards, STOP! If you continue to use your cards, you will never get out of debt. Set up a budget and spend only cash. If you are spending more than you bring in, you need to cut your expenses, increase your income, or both.
While debt settlement or consolidation often look like attractive options, they are usually accompanied by fees which you would not pay if you pay your creditors directly. And if your creditors “write off” certain amounts, those amounts may be taxable (hello Uncle Sam!) so they can end up costing you even more in the long run.
Most people think that there is really nowhere they can cut their expenses, but you’d be surprised at the little changes that you can make in your day-to-day life that can add up to large amounts. Check out and see what I mean.
Do a little planning before spending your inheritance … and learn from your past mistakes with accumulating debt. Again, congrats on being willing to use your inheritance this way! It would make your relative proud.