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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??

THANKS FOR YOUR SUGGESTIONS! Smile

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.

  5. YOUCANDOIT Says:

    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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