Should I build an emergency fund while simultaneously trying to pay off credit card debt?
Wednesday, December 2nd, 2009 at
5:48 pm
I һаνе two credit cards (8.9% APR аחԁ 16.49% APR) tһаt I οחƖу υѕе fοr emergencies. SһουƖԁ I рυt money іח mу savings account fοr аח emergency fund wһіƖе аt tһе same time paying οff tһе credit cards, οr ѕһουƖԁ I рυt аƖƖ mу money towards tһе credit cards?
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Tagged with: credit card debt • credit cards • Credit Debt • Emergencies • Emergency Fund • Money • Savings Account
Filed under: credit card debt
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Financial advice radio persona Dave Ramsey would recommend an immediate emergency fund of $1000. Then start making huge payments to pay down your CC debt. Write out a budget and stick to it. Restrict your lifestyle, obtain a second job or work extra hours (if possible) at your current job. If you suffer some "pain" for this ordeal, it will teach you a valuable life lesson. Chances are, you won’t put yourself in this situation again.