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Help - Trying not to Debt Again!

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    Help - Trying not to Debt Again!

    Hello...I am torn between making a decision. I am 3 years post bankruptcy due to a divorce, and although I have re-established my credit, I have learned my lesson, and I avoid using credit other than every once in a while just to keep my cards active. I probably have about $300 in credit card debt right now that I created while re-establishing my credit. I earn $77k year, and am close to retirement (in a year or so). I am trying to re-build my savings, eventually save up enough to do repairs on my home, which fell into disrepair (needs a new roof, etc.,) during the BK, but I did not want to create massive debt. My credit score is now 725 and I am pleased.

    I have a dental bridge that needs replacing and my dentist (who did the original bridge) seems to feel it is time for implants to a tune of $4,000 out of pocket expenses. While I could put this on a credit card because my dental insurance does not cover it, I just don't feel comfortable doing this at this point and getting right back into debit with endless payments, interest, etc., when I have other priorities and I am trying to avoid returning to where I was, I am looking for any suggestions. The dentist just does not feel that another bridge is a good idea and I am really not sure why..

    I have spoken with my dental insurance company who recommended doing 1 each year; however, he seems to feel they both need to be done at the same time for some reason.

    Thanks for any advice!

    Welcome to SA where we often focus on doing the best we can, in our individual circumstances to manage our money as effectively as possible. If you have time to read some previous posts, you'll see discussions on income and expenses that focus on debt, payment, interest rate and term/length.

    If you are one year from retirement, it's important to verify income and spending mesh to provide the standard of living you expect.

    It's important to understand those that benefit from your use of credit, promote revolving credit, the best thing you can do for yourself is to pay off credit cards [CC] two business days in advance of their due date. It is important to understand that the sum you pay in interest, fees, penalties is not benefiting you! Looking back over your last 6 CC statements, how much interest was added ?
    Looking back over past 12 months, how much of your mortgage payment reduced the actual principal? What sum was diverted to interest?
    How much of your car loan payments are applied to principal, how much to interest?

    How old is your roof? Are you seeing evidence of roof damage? Are you seeing evidence of roof leaking water in rain storms? This can lead to serious, structural damage to joists for example.

    If you are accustomed to wearing a dental bridge, can it be temporarily repaired until you've saved sums for other options? Dental implants can be done as money is available.