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I've got 1 credit card with a balance and it's $1500 with 11.99%?
variable interest.. I just made a payment and could pay it in full if I chose to BUT I would be taking it from my "emergency fund". I do not yet have 6 months worth of savings I have appx. 3 months but I am adding to it monthly. I am trying to see if it makes sense to take $1500 from my savings and just pay it off in full or wait until next month to pay it off. I have paid 0% interest to date. I just ended the 6 months no interest period. So I would have paid interest for 1 month if I wait. Is it better to keep it in the bank OR pay it and be done with it?
1 Answer
- 1 decade agoFavorite Answer
Variable interest can go up and down monthly. I would say it's best to pay it off or pay a significant amount each month. Like $500 or so. Experts say you are paying more interest out than you are making on your saving account so you would be better off paying it off in full due to not losing much interest from the bank.