Hey guys, I have a quick question on what I need to do with some extra money.
I will have enough money to pay off my 3 credit cards, Walmart, Wells Fargo and Capital One. Right now it looks like this (balance/limit)
Walmart: 1370/2000
Cap 1: 1070/1300
WF: 80/600
Kay Jewelers: 0/7600
Lowes: 0/1500
GE Capital: 0/3000
I could pay off all 3 cards with a balance, BUT right now I have NOTHING in savings. No emergency fund at all. I have a 401k with about 4k in it but I am not touching that.
So Should I put some money in an emergency savings and then make payment to these cards, or should I pay them off completely and start saving every month to build it up? Or should I combine both and pay a little down on the credit cards and put the rest in my savings?
I will have enough money to pay off my 3 credit cards, Walmart, Wells Fargo and Capital One. Right now it looks like this (balance/limit)
Walmart: 1370/2000
Cap 1: 1070/1300
WF: 80/600
Kay Jewelers: 0/7600
Lowes: 0/1500
GE Capital: 0/3000
I could pay off all 3 cards with a balance, BUT right now I have NOTHING in savings. No emergency fund at all. I have a 401k with about 4k in it but I am not touching that.
So Should I put some money in an emergency savings and then make payment to these cards, or should I pay them off completely and start saving every month to build it up? Or should I combine both and pay a little down on the credit cards and put the rest in my savings?