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What would you do?

May 28th, 2008 at 01:48 pm

Hey peoples. I'm a little flustered right now with making a decision on my finances.
I would appreciate your advice. thanks.

I have two bank of america cards. I owe 566.76 on one. The other I have a 613.31 balance. I have over 2,000 in my emergency fund/savings. I dont know if I should just pay it off or continue to tackle it each month with double the minimum payment. Also my hours at work have gone down. I work at Madison Square Garden and since the knicks and rangers are gone, their isn't that much work. I'm eating in more and really watching every dollar. I keep a notebook of what i spend everyday. what should I do?

6 Responses to “What would you do?”

  1. CouponAddict Says:

    What is the interest rates on the cards?

  2. striveforpeace1 Says:

    i'm paying 9.24 on the balance of 566.76
    paying 11.24 on 613.31

  3. thriftorama Says:

    I'd take some money out of the EF to pay off the 613.31 card. it has the highest rate. If you pay it off, you feel like you accomplished something and you still have a decent chunk in your EF. Then, take the payment you were making on that card and add it to the payment you send to the other card. You'll be debt free in no time and then can put all that money into your EF.

  4. koppur Says:

    I agree with thriftorama. This way you still have come moeny in case work doesn't pick up right away.

  5. striveforpeace1 Says:

    thanks everybody

  6. Aleta Says:

    What are your monthly payments on each one of these two debts and how much extra are you paying now to pay them off?

    What is your interest rate on your savings account? Alot depends on all of your expenes and if you live at home or have a mortgage.

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