Pay off in Lump Sum or Small payments?

[compassion101]

+1 to paying them all off and then save for the emergency fund. You will probably save $30 in interest per month by paying them down as opposed to leaving 2k on them.

[Anonymous]

---

@yofico wrote:

---

@Anonymous wrote:

---

@Luscher wrote:
Id honestly say pay them all off, and then work to save that 2k fund you want. It will save you a ton of interest in the long run and improves your credit score at the same time

---

This.

The interest from saving $2,000 should be pretty marginal though.

---

I could definitely do this! I really like this idea the best. Marginal interest, yes; however, I can save 2k easily without credit card debt.

I will keep everyone posted and let you know the impact this has on my score. As much headache and stress this debt has caused me, I am actually happy I went through this. It feels amazing to be free and when I use my card, I will always look back on my life in debt. I DO NOT WANT TO GO BACK THERE. ...moving forward!

thanks again.

---

BTW, Since no one else said it. Congrats on running into $11,000 without losing life (someone else's obviously) , limb, or kidney.

[Jlu]

Come on OP tell us how you got the money. This is the internet and is definitely totally anonymous and safe from judgement.

[Anonymous]

---

@Jlu wrote:
Come on OP tell us how you got the money. This is the internet and is definitely totally anonymous and safe from judgement.

---

Any banks missing money lately?

JK OP

[LexieCat]

---

@Anonymous wrote:

BTW, Since no one else said it. Congrats on running into $11,000 without losing life (someone else's obviously) , limb, or kidney.

---

Hey!  *I* said it!    Anyway, if you pay them all off now, I suggest you set up a plan to put every cent you are CURRENTLY paying on those cards into a savings account.  Plus a little extra, if you can spare it.  Seriously, it's always good to have that cushion.  I keep some money (a couple thousand) in my Wells Fargo savings (which pays virtually nothing in interest) just so I am immediately liquid.  I also sock away a bit every month that I put into a high-yield savings (I use Barclays, which pays .9 percent interest).  That's my bigger, badder savings account, but it takes a few days to get my paws on it, so I still keep that WF account for the liquidity.

[Anonymous]

---

@LexieCat wrote:

---

@Anonymous wrote:

BTW, Since no one else said it. Congrats on running into $11,000 without losing life (someone else's obviously) , limb, or kidney.

---

Hey!  *I* said it!    Anyway, if you pay them all off now, I suggest you set up a plan to put every cent you are CURRENTLY paying on those cards into a savings account.  Plus a little extra, if you can spare it.  Seriously, it's always good to have that cushion.  I keep some money (a couple thousand) in my Wells Fargo savings (which pays virtually nothing in interest) just so I am immediately liquid.  I also sock away a bit every month that I put into a high-yield savings (I use Barclays, which pays .9 percent interest).  That's my bigger, badder savings account, but it takes a few days to get my paws on it, so I still keep that WF account for the liquidity.

---

Ah, I didn't notice it. Sorry!

[lg8302ch]

---

@Luscher wrote:
Id honestly say pay them all off, and then work to save that 2k fund you want. It will save you a ton of interest in the long run and improves your credit score at the same time

---

+1

and start saving toward an emergency fund

[Chris679]

I would pay them all off and here's why:
1-you usually have no grace period if you are carrying a balance so you can't use the card without paying interest right away on new purchases. You have to PIF for two months straight to reinstate the grace period on many cards.
2-you can always use a credit card for emergencies, don't get me wrong an emergency fund is good to have but don't pay interest to save for it. If you have to use a card later you're no worse off than you are now but you saved on interest.
3-you save money on interest on the current balances and you're credit report/score looks a lot shinier which can save you money in a number of ways

[Anonymous]

I bet OP finally got his money from that rich Nigerian prince he helped out!