How should I get out of credit card debt?
I owe about $2500 on my visa.
I've got about $1000 in my tax-free savings account that I've been building up for the past year.
And I'm going to be receiving $1100 at the end of the month through my photography business.
And the remaining $400 I could potentially pay off with my next one of two pay checks from my day job as a medic/admin.
My question is: would it be financially wise to do it this way? Just get rid of it, and then pay it to 0 every month... Or should I keep saving my tax-free savings account money for something in the future, and just slowly pay off that extra $1000 over time (which might take me a few months)?
Your TFSA is paying virtually nothing in interest right now, whereas credit card debt incurs high interest, so I'd advise empty your TFSA and pay off as much of your credit card as possible right now. Stop using the card too, until you've got it down to nothing. Resist temptation! Thereafter pay off everything every month. If you just pay the minimum, the purchased items will end up costing you about 5 times what you originally paid. Were they really worth that?
tips photography business cards
Tags: design · freelance photography business cards · images · photography · photography business cards free · photography business cards free online · photography business cards free templates · photos · toolsNo Comments
0 responses so far ↓
Like gas stations in rural Texas after 10 pm, comments are closed.