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I am in a lot of credit card debt. Should I cash in an investment account to pay the high interest cc? |
I am in a lot of credit card debt. Should I cash in an investment account to pay the high interest cc? Absolutely, and as soon as possible; like now - pick up the phone and make the call. Aim for debt free, stop using the CC, and then build your investments with the extra monthly income you'll have because you are no longer making those payments. instead of having an investment account, pay some part of your credit card debt. because the interest that you earned from the investment account will not cover the debt interest. while you keep money in the bank your interest will reach huge amounts continuously. that may causes the huge amounts f moratory interest which reaches 90%. so, pay the minimum amount of your debt. No, you should not. If you have the cash sufficient to pay off the credit card debt (as suggested in your questions), you should get a loan, and pay off the credit card debt, and then stop using that high interest credit card. |
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