Localfund.com - All about Fund and Investment
*Home>>>Investment Account

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.

Good luck.

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.

If you have the cash to pay off the cc, you certainly should be able to to get a loan pledging the investment fund or part of it, and only if need be, against the loan used to pay off the debt. There may be more to this answer based on providing more details about your situaion. Rarely does a simple question / answer apply to the complex lives we all live.

Tags
  Investment Company   Investment Calculator   Investment Bank   Investment Advice   Investment Account   Invest Money   Invest in Gold   Invest Fund   Income Fund
Related information
  • I was doing my taxes online and i imported my investment account and it said i owed 10g because i bought?

    Sounds like it's not importing correctly.

    ...
  • I have a large amount in a CD account. What are some good investment options?

    Why not put into a Roth IRA? It will build long term savings, grow tax-free, and withdrawals are tax-free.

    ...
  • Multi Currency Account as an investment?

    If you are interested in investing in currencies, I work for a Wall St. based firm that specializes in the forex market. To answer your question, the chance of you making a significant return (Over...

  • AXA Equitable has a guaranteed interest TSA account. What investment vehicles are used to provide that income.

    I answered part of this on previous question. Safer retirement vehicle in term of not losing what you put in when you are alive would be guaranteed interest TSA. Most TSA has a stepped up cost whi...

  • What is the Abbr. of DEMAT Account in investment ?

    Demat is a commonly used abbreviation of Dematerialisation, which is a process whereby securities like shares, debentures are converted from the "material" (paper documents) into electron...

  • Want to open DMAT account wid investment horizons of 3-5 yrs. wont be a frequent trader.sugest servce provider

    Hi, For someone who wishes to follow a strategy like you (i.e. buy blue chips and hold; not too frequent trading etc.) the best option would be to go for an integrated demat account, trading acc...

  • What portfolio would be better for an initial investor in share market through 3-in-1 account for investment?

    Investments are good in GMR Infra Reliance Inds Yes Bank NTPC JP Hydro Invest for long term if you really want your money to grow. For routine checks contact me at luckieforever@gmail.c...

  • How is investment income from a UGMA account taxed?

    The kiddie tax rules changed in 2006. Now children up to 18 (23 if in school) are subject to be taxed at their parent's rate if unearned income is over $1,700. Additionally, the child may ...

  •  

    Categories--Copyright/IP Policy--Contact Webmaster