Due to a divorce and employment issues, I have $ 30k in credit card debt in the high 20% interest rates. I only have $ 2,000 in savings. Job security is in question, should I put every extra penny into savings until the job security stabilizes, or should I take advantage of my extra cash flow by finally making a dent in my credit card debt?
Due to a divorce and employment issues, I have $ 30k in credit card debt in the high 20% interest rates. I only have $ 2,000 in savings. I have a new job that gives me an extra $ 2k monthly, but I don’t know how permanent this job is. Should I put every extra penny into savings until the job security stabilizes, or should I take advantage of my extra cash flow by finally making a dent in my credit card debt?
My credit is fair (scores range 660-690). and I know paying off debt will improve it, I’m just worried that if I put all my extra $ 2k/month twds the credit cards, then lose my job, I won’t have any money to pay my bills. My monthly expenses come out to roughly $ 1500.
My monthly expenses come out to roughly $ 1500. I just got a new job that leaves me with an extra $ 2k monthly to either save or reduce debt.
My credit is fair (scores range 660-690). and I know paying off debt will improve it, I’m just worried that if I put all my extra $ 2k/month twds the credit cards, then lose my job, I won’t have any money to pay my bills. .
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