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jazzyjanedoe

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Debate: Pay more on cc debt vs save for moving?
I am a senior with very limited income. I am utilizing about 47% credit. I have credit score of 715 currently. I am making min. -slightly over min. payments on 3 out of 5 cc. I also need to save monies for an instate move in about 8 mos. Should I stick with just min. cc. payments, like I am doing now? Unsure of which way to go. Please help!

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Well, if you are going to move then you definitely need money for moving expenses, but you also got to figure out how much extra interest you will pay on your credit cards by only making minimum payments versus paying them off sooner. I guess all in all, I would say save for the moving expenses, because even if you worked to pay your cards off then you would probably have to put more back on them later to cover costs, so you will probably end up paying interest one way or another.

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Just a thought, if you are moving maybe you should consider selling some things that you don't need if you have anything laying around. You could use the money to put toward your credit cards or moving expenses and at the same time possibly cut the cost down for the moving expenses (less to move).

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So you're probably paying interest on those cards also right? Either way, open another CC with 0% interest in X months. I suggest Chase SLATE because they have no interest for 15 months AND have a "no transfer fee" promo. So you can consolidate those cards to one. Make the minimum payment at least. That should buy you some time to save for your move. And by save, that doesnt mean put money back on the cards!!! You cant keep using the credit cards if you cant pay them off. Keep those balances at $0!!!! 

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