To those good with money: should I pay off my debt with my cash (see details)?

Question

Cash on hand: $30,000

Credit card debt $25,000

Monthly bills: $15,000

Job: Afraid I'll get laid off, not so stable lately

Answer 1

Pay off your CC debt.  At least then if you get laid off, you won't off anything, especially at the high CC interest rates.  Also, how could you have fifteen thousand in monthly bills?

Answer 2

Why are your monthly bills so high? Is there anything you can cut out of your monthly expenses? If so, do it immediately. Then, start looking for a second job. Also, do you have a significant other? If so, they should be helping out with expenses as well.  Since you might be losing your job, I would hold off on paying off the credit cards right now. But if you get a second job, then, I would go ahead and pay off the credit cards. Hope this helps and good luck:-))

Answer 3

Since there is a chance of getting laid off, I wouldn't touch the cash. Just try to pay more on the credit cards every month. If you have a low rate on the student loans, just pay the miimum for the time being. If you start to panic, then you lose control of everything. I realize that's easy for me to say since i've never been it debt but there were times when I only had $25 left in the account but something always pulled me through.

Answer 4

It is difficult to answer this question without additional information...like your monthly income. Do you really have $15,000 a month in bills (did you perhaps mean $1,500)?

Generally, most financial planners recommend having a cash reserve on hand of 3 to 6 months of expenses in case of losing a job, unexpected bills, etc. I would recommend setting aside that much cash first and then taking the remaining cash and paying off as much of the debt as possible. Then make it a priority every month to take excess cash and pay down the balance until it is eliminated.

Answer 5

i was having finance problems not too long ago

try http://www.surveyvault.co.uk

thats one of the sites i use

you could also try affiliate selling with GDI

http://www.website.ws/nosplashback

(thats a profitable one if you know how to promote stuff)