Hello,
Been lurking for a while finally decided to post. I have just recently gotten serious about getting out of debt (within a week). Started tracking my spending closely and became pleasantly surprise that if I tighten the belt I have plenty of extra income to get on the fast track to being debt free.
14k in cc debt (but haven't charge anything in almost a year - debit card or cash only now)
Already have a $1500 emergency fund and I have made room in my budget to pay around $700 a month on my credit card, I may be able to squeeze more but I don't want to push it just yet.
HOWEVER
I also have a $250k UL policy. I have been paying $115 a month now for just over 6 years and it has a surrender value currently of $2400.
My question is should I surrender this polcy and apply the cash to my credit card to eliminate the debt faster or is this something I should keep to boost my retirement?
I have been contributing to my company 401k since the start of my employment at the age of 25(28 now). I personally like have the coverage for peace of mind for my spouse but I have read many things lately that UL's are a waste of money.
Thoughts?
Been lurking for a while finally decided to post. I have just recently gotten serious about getting out of debt (within a week). Started tracking my spending closely and became pleasantly surprise that if I tighten the belt I have plenty of extra income to get on the fast track to being debt free.
14k in cc debt (but haven't charge anything in almost a year - debit card or cash only now)
Already have a $1500 emergency fund and I have made room in my budget to pay around $700 a month on my credit card, I may be able to squeeze more but I don't want to push it just yet.
HOWEVER
I also have a $250k UL policy. I have been paying $115 a month now for just over 6 years and it has a surrender value currently of $2400.
My question is should I surrender this polcy and apply the cash to my credit card to eliminate the debt faster or is this something I should keep to boost my retirement?
I have been contributing to my company 401k since the start of my employment at the age of 25(28 now). I personally like have the coverage for peace of mind for my spouse but I have read many things lately that UL's are a waste of money.
Thoughts?
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