Credit card payoff question

[tn94z]

TweetSo, I have been working on paying off bills this year and I am working on my big credit card now. I currently have over half of what is owed sitting in my savings account. I had planned on waiting until I had it all and then paying it off, but is that the smart thing to do? Should I pay what I have now on it or just continue on like I'm doing? The reason I was waiting was in case an emergency comes up or something along the way and I had to have some cash quick, then I could use it from my savings. Just curious about which is the better way to go.

[daved150]

Tweetare you paying intrest on this card? the more you pay off the lower intrest amount you pay....i understand a rainy day fund, so maybe pay out 60% of what you have now....just a thought

[tn94z]

TweetYeah, I'm paying interest on this one. That is a thought. I may end up doing that.

[jamescb77]

Tweeti would pay as much as you feel comfortable so you aren't eating interest. I hate interest and i have let my card get a bit high here lately. Gotta go in to pay off mode.

[Dzone]

TweetI hate credit card companies. What a bunch of thieves.

[tn94z]

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I hate credit card companies. What a bunch of thieves.

Me too! I'm done with them after this is paid off!

[Dzone]

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Me too! I'm done with them after this is paid off!

Yep, I got rid of credit cards a few years ago and now just use a debit card. Life is much better. If I dont have the money in the bank or the money in my wallet to pay for something, I aint buying it.

[MxxC82]

Tweetcredit cards have saved me a few times BUT are costing me in the long run now! I would say for your credits sake is to just pay a third of it monthly, the third from what you have saved, acoording to what i have been told having a moderately low balance and paying slightly over the minimal balance each month OR buying something affordable that you already have cash for and paying that item off on the next monthly payment is also a credit score booster. I also could be wrong..... I am floating in the debt boat right now and I just wanna not have anymore dang payments so they are getting as much as i can give on mine!

[JsJs24]

TweetTry to maintain at least 2 monthsoiving expenses and use the rest to pay it down.

[skinnyman]

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Try to maintain at least 2 monthsoiving expenses and use the rest to pay it down.

that's typically the rule of thumb

[JsJs24]

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that's typically the rule of thumb

Yeah pretty standard. I prefer one year or more myself, but for people trying to get out of debt a two to three month safety net is sufficient for most emergencies.