Wondering what the best idea would be for my current financial situation.?
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I am 24 years old and I have 9,000 dollars in cash in a savings account making 3.5%. I also have 2300.00 dollars in a RRSP I can't touch. I have 4500 dollars in credit card debt and another 30,000 in student loans. I'm not working right now and just wanted some suggestions about my finances. Should I pay off all the credit card debt now and invest the rest? Or live off the cash until I find a job?
Wondering what the best idea would be for my current financial situation.?Pay off whatever debts you have because if you invest the rest now, your debt will still be around.
Wondering what the best idea would be for my current financial situation.?I have a similar situation to yours. What's the credit card interest rate? Is it more than 10%? If so, pay it off alltogether - otherwise just make the minimum payments until you find a job.
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Wondering what the best idea would be for my current financial situation.?If you're living with your parents and have low expenses, I would go ahead and pay off the credit card debt. You're going to have to pay it off eventually- might as well do it before you pay a couple hundred bucks in interest! If you're on your own, I would pay the credit card about $100-200 above the monthly minimum, but I would keep more cash on hand in case you have to make the $9,000 stretch a while.
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