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Current Debate!!

April 18th, 2007 at 08:44 am

We have some money saved up, what should we do with it?? Should we :

a.) put it on the mortgage to pay it down quicker?

b.) put it on the credit line with a 6% interest rate?

c.) Give it to family member for owed money? no interest rate

d.) put it into rrsp?

e.) put it into resp?

f.) pay off computer? 19.5% interest rate

which ones do u think and if more than one then what percent should go to each??


10 Responses to “Current Debate!!”

  1. littlemama Says:

    Without knowing how much you have to work with, I would say family member first and CC second.

  2. yummy64 Says:

    Pay off your smallest debt with it and as much on the next biggest one as you can. That's my free advice and worth as much.

    I worked over the last few years to get out of debt then I started to sock the savings away. The relief at getting rid of consumer and other debts is so nice. I'd excempt the mortgage from this if I had one (not that I do...).

  3. Ima saver Says:

    Do you have an emergency fund??

  4. mitch3636 Says:

    no, no emergency fund as of yet but i'm afraid that if we hang on to it my bf will want to spend it.


    Definitely family first than credit card.

  6. nance Says:

    I vote for family first, too.

  7. Broken Arrow Says:

    Computer sounds good. 19.5% is very scarey.

    I would do some very nice things for family members in the meantime.

  8. homebody Says:

    1/2 to computer, half to family member.

  9. yummy64 Says:

    Your colour choices mean I can't actually read your blog right now (peeked in this morning to look at the comments). Black on navy is pretty hard to read for me!

  10. yummy64 Says:

    Thanks! Reads beautifully now!

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