- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Debt Reduction or House Completion?
Posted on 4/29/11 at 2:06 pm
Posted on 4/29/11 at 2:06 pm
OK Money guys and gals, this is my first time posting over here, and being a lurker over here, it seems as though you are pretty savvy. Here is my issue:
While my wife was in school, she accumulated a good bit of debt (˜$75k), with around 2/3 of it being CC debt. She is still in school, but now has a scholarship, and we both have decent jobs. I have a little CC debt myself. Before my wife and I married, I tried to add 800 sq. ft. to my house, and it didn't get finished (long story). Should I focus my extra money on getting the addition finished (currently I have enough room to live somewhat comfortably), or focus on the CC debt, and finish the addition after CC debt if paid off?
I think I should go with the CC debt first, but the wife seems to think we should make minimum payments on the CCs and either finish the house myself (much cheaper) or save for a contractor to finish.
TIA
While my wife was in school, she accumulated a good bit of debt (˜$75k), with around 2/3 of it being CC debt. She is still in school, but now has a scholarship, and we both have decent jobs. I have a little CC debt myself. Before my wife and I married, I tried to add 800 sq. ft. to my house, and it didn't get finished (long story). Should I focus my extra money on getting the addition finished (currently I have enough room to live somewhat comfortably), or focus on the CC debt, and finish the addition after CC debt if paid off?
I think I should go with the CC debt first, but the wife seems to think we should make minimum payments on the CCs and either finish the house myself (much cheaper) or save for a contractor to finish.
TIA
2
Posted on 4/29/11 at 2:11 pm to Geecubed
quote:
a good bit of debt (˜$75k), with around 2/3 of it being CC debt
Am I reading this correctly as you two have $50k in credit card debt? If so, it's a no-brainer to knock that down ASAP.
Posted on 4/29/11 at 2:19 pm to Geecubed
If you only plan to pay the minimum on your credit card you will die before your out of debt. Seriously. It's meant to be a trap, and it looks as though you have fallen in. Put EVERY extra dime towards paying that shite off. ASAP
Just curious, as a college student how the hell did she get credit lines up to 50k? That pretty insane.
eta: Download this to help give you an idea of what your dealing with. Lots of people go with the "snowball" approach, which is lowest balance, but the "avalanche" is the logical choice; highest interest first.
Just curious, as a college student how the hell did she get credit lines up to 50k? That pretty insane.
eta: Download this to help give you an idea of what your dealing with. Lots of people go with the "snowball" approach, which is lowest balance, but the "avalanche" is the logical choice; highest interest first.
This post was edited on 4/29/11 at 2:23 pm
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News