Paying off a Credit Card vs Making Payments

[creditconcept]

What would you all recommend? I have a $2,203.76 balance on my Quicksilver. I have $2100 in my checking right now that I've accumulated from my paychecks.
My question: I'm sort of leaning towards putting that money in my savings, and making $500/mo payments on this card ( I calculated the accumulated interest at $169 over 4.5 months) I want to pay in full, but I'm concerned that I won't have the discipline to save 2100 over the same time period if I was to pif.
What would you all recommend (Util is 13.5% so I'm not overly concerned about that)
Thanks..!!

[Anonymous]

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@creditconcept wrote:
What would you all recommend? I have a $2,203.76 balance on my Quicksilver. I have $2100 in my checking right now that I've accumulated from my paychecks.
My question: I'm sort of leaning towards putting that money in my savings, and making $500/mo payments on this card ( I calculated the accumulated interest at $169 over 4.5 months) I want to pay in full, but I'm concerned that I won't have the discipline to save 2100 over the same time period if I was to pif.
What would you all recommend (Util is 13.5% so I'm not overly concerned about that)
Thanks..!!

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So let me get this straight. The card has what I assume to be at least 22.99% APR and you're not paying it off when you have the resources to do so?

Edit: I really don't mean for it to sound judgemental or anything, I am just curious why you wouldn't pay it off or at least shorten your timeframe for paying it off.

[creditconcept]

Sounds so silly when you say it like that,
I will reconsider....!

[NRB525]

OP what other cards do you have? nothing with a 0% BT offer?

At 22%, yeah that's painful to have to pay interest. But, the amount is relatively small, so you could start paying heavily. See what turns up for other cards?

[takeshi74]

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@creditconcept wrote:
What would you all recommend? I have a $2,203.76 balance on my Quicksilver. I have $2100 in my checking right now that I've accumulated from my paychecks.
My question: I'm sort of leaning towards putting that money in my savings, and making $500/mo payments on this card ( I calculated the accumulated interest at $169 over 4.5 months) I want to pay in full, but I'm concerned that I won't have the discipline to save 2100 over the same time period if I was to pif.

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You definitely want liquid cash reserves but consider the APR on the card versus the rate on your savings.  If you don't have the discipline then work on it.  Budget and stick to it or you'll always have problems.

[onstar]

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@takeshi74 wrote:

You definitely want liquid cash reserves but consider the APR on the card versus the rate on your savings.  If you don't have the discipline then work on it.  Budget and stick to it or you'll always have problems.

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Yes and yes.

They say that you should have liquid savings of 3 months salary. For too many people, this is difficult or nearly impossible. Personally, I think everyone should strive to have at least 1 month salary in liquid savings. Even if it means carrying a balance. I am almost there (savings of 1 month salary). And I carry a small balance which I will pay off before the 0% promo ends.

What do I think the OP should do?

(1) If possible, get Slate and BT.

(2) If not able to get Slate, then pay $1300 now and spread the rest over the next 5 months. By paying $1300, you get your balance down below $1000. It's a psychological barrier, and it should help you feel somewhat accomplished. That will make it easier to continue this debt paying journey.

(3) Most importantly, create a budget. And stick to it. This is probably the hardest thing to do.