Since the economy is so bad should I hold off on paying off my CC debt?

[maat55]

I'm asking because of the way the news people on CNN are talking. So if I nd up losing my job due to a market crash won't I regret sending american express that $790?

Not paying off the card, you are paying interest and you are highly utilized to your limit. If you pay it off, you still have the card as a backup EF without paying the interest for now.

[AccountAnalyzer]

First, turn off the TV.

If you lose your job, it is far better to be debt-free. You want to minimize your expenses. Paying off debt is part of doing that. I realize the payments on $790 aren't much, but they are more than zero. As several people have said already, if you really got in a tight spot, you could always charge to the card again. You can't do that now since you have it maxed out.

But I'm hearing on CNN that there is a possibility you will not be able to use your credit card at all. So I send then $790 and then I can't use the CC then I'm minus $790 in my account

[AccountAnalyzer]

Not paying off the card, you are paying interest and you are highly utilized to your limit. If you pay it off, you still have the card as a backup EF without paying the interest for now.

What if I can't use the American Express Card after paying it off due to what happened today?

[maat55]

What if I can't use the American Express Card after paying it off due to what happened today?

Trust me, AE would love for you to use their card. And they will still be around.

[AccountAnalyzer]

Trust me, AE would love for you to use their card. And they will still be around.

So what makes you so sure they will be around?

[maat55]

So what makes you so sure they will be around?

You win, keep the money. You might have a heart attack if you payoff the card.

[KatieNK]

You are going to end up paying this $800 payment 3 times, in interest, if you keep hanging on to it because you are afraid to pay it off.

I don't know why you keep asking, it really sounds like your mind is already made up...

[MiikeB]

You came here for advice and did not get the advise you hoped for. Now you keep trying to justify your decisions to us, and probably to yourself.

[rooskers]

Many credit cards also have a penalty if you go over your limit. So if for some reason your balance goes above $800 you may have to pay a fine each month that it is over.

Since you don't seem to be taking peoples great advice then I will just tell you to do what the average person seems to be doing lately. I would call the credit card company and get your credit limit raised. Then I would splurge get yourself something nice put it on the credit card and not worry about it. Then take your savings and invest it in something very risky.

[SnoopyCool]

I'm asking because of the way the news people on CNN are talking.

Start watching FOX news.

Pay it off and have piece of mind about not having that hang over your head.

[Joan.of.the.Arch]

Warning-- harsh words follow

Warning-- harsh words follow:

In earlier threads here, you have described spending $205 a month on cable TV while at the same time not paying your utility bills, yet hoping to build an emergency fund to several thousand dollars. Saving was your justification for not paying your bills. You described running up nearly $10,000 in credit card debit and walking away from it, waiting 7 or 8 years until someone would finally give you a new credit card. My impression is that you do not want to be a responsible man and pay for the things you take, you only want to use your cash to pay for things that you cannot get with credit ---credit whose responsibility for payment you are happy to walk away from. I think you prefer to walk away from your bills whenever possible. Even if we gave you "permission" here to put your earnings into that supposed emergency fund, I sincerely doubt that you would ever use the money to pay fully the bills you rack up. To you, isn't an emergency fund what you use to have a little fun, to go on dates, to buy DVDs and CDs? --as you described in previous threads. I wish simply telling you to grow up could make you do so.

[GoodBuyGirl]

I would pay off the credit card then go all out on the savings.
If your job is unstable. I would also be looking for other sources of income. Even if you save $5,000 by June and you were to get laid off. $5,000 won't last long. Get yourself ahead of the game by bringing in extra income before the worst happens.

[boosami]

Warning-- harsh words follow

Those harsh words were much needed, Joan. I was thinking the same thing.

Pay your bills, OP--all of them.

[financestrategy]

I think it might adversly affect your credit report so my advise is to pay it on priority basis. Also it might be the case that you are being charged interest for your overdues in CC so why to pay extra interest when you funds to pay.

[AccountAnalyzer]

I would pay off the credit card then go all out on the savings.
If your job is unstable. I would also be looking for other sources of income. Even if you save $5,000 by June and you were to get laid off. $5,000 won't last long. Get yourself ahead of the game by bringing in extra income before the worst happens.

A person just posted a similar thread and he was told to SAVE MONEY now and attack his CC debt later due to the ecomony. So why am I not being given the same advice?