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Message
re: Paying off the CC
Posted on 1/2/13 at 8:53 am to Herb484
Posted on 1/2/13 at 8:53 am to Herb484
quote:
Hello! So here is my situation. I just started my "career job" (out of college). I racked up a tiny bit of credit card debt my last semester of school, shi* happens. My question is: Should I tackle the CC first before I focus on saving? If so I can have the CC paid off within a month. Thanks.
Yes, pay it off first before focusing on your savings.
How much do you have to pay off? If its a good bit, I'd suggest doing what I did for dealing with credit card balances (totaled around $7k between 2 cards) by getting a consolidation loan from Neighbors FCU or any credit union. Before I was barely making a dent on the principal balance (if any at all) and now I have a standard monthly note with guaranteed principal reduction and since I pay an additional 25% of the payment each month, that additional goes straight to principal. Getting the consolidation loan was one of the best financial moves I've ever made.
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