Tilted Forum Project Discussion Community - View Single Post - Minimilize 401K investment to pay off CCard?

SirLance · 07-01-2005, 01:34 PM

Keep investing in the 401k. You will make far more on that than what you would pay the CC in interest at the rate you are paying it off.

If you want to pay off the credit card sooner, get a part time retail job over Christmas (start applying in August/September) and use the extra bucks for that.

Also, you didn't mention the rate. With your FICO, you should be able to get a credit card with 0 apr on balance transfers. Most that do it do it for a year. Do that, leave the current card open (unused but available credit increases your FICO score), transfer the balance, and pay off the new card.

Student loans: you are really investing in yourself here. My opinion is that you will increase your earning potential by WAY more than you will pay in student loans + interest.

07-01-2005, 01:34 PM	#10 (permalink)
SirLance Junkie Location: In the middle of the desert.	Keep investing in the 401k. You will make far more on that than what you would pay the CC in interest at the rate you are paying it off. If you want to pay off the credit card sooner, get a part time retail job over Christmas (start applying in August/September) and use the extra bucks for that. Also, you didn't mention the rate. With your FICO, you should be able to get a credit card with 0 apr on balance transfers. Most that do it do it for a year. Do that, leave the current card open (unused but available credit increases your FICO score), transfer the balance, and pay off the new card. Student loans: you are really investing in yourself here. My opinion is that you will increase your earning potential by WAY more than you will pay in student loans + interest. __________________ DEMOCRACY is where your vote counts, FEUDALISM is where your count votes.