Wondering what the best idea would be for my current financial situation.?
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Pay off the credit card debt. You won't find an investment that pays as much as what you will accumulate in interest payments on that credit card.
Take 3K and open an IRA. You'll find that some of that wasn't taxable income and you'll get a return on some of that money. (couple hundred bucks)
That $4500 dollars will probably cost you $900 by the end of a year if you don't pay it off.
Wondering what the best idea would be for my current financial situation.?Consider paying off at least a portion of your credit card debt with some of your savings. If you are currently making 3.5% interest on your savings, and you are being charged anywhere from 16 to 21% (some even higher!) in interest payments on your credit cards, then reducing your debt makes sense. Calculate how much you need to live on per month before dipping into your savings however. Make sure you have enough money for housing and food! When you have some money coming in from employment, then attack that debt! Check out www.cheapskatemonthly.com for helpful tips. Good luck!
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