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With the extra amount, is it better to repay debt or keep it as savings?

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I have debt in 1 credit card. I have to repay about $3200. I have managed to save $1200. And, I have got $800 as bonus from my workplace. I am wondering will I use this amount to repay the debt or keep it as savings. What will be a better option? Can you help make the decision?dada




Pay $1200 to your creditor and keep $800 in your emergency fund.

Sub: #1 posted on Thu, 09/14/2017 - 15:39

ditchdebt ditchdebt

(Posts: 553 | Credits: 241.69)

Use the bonus to repay your credit card debt. Try to get out of debt as soon as possible, credit card interest is high, you will lose your money on paying the interest rate. So, get rid of them soon,

Sub: #2 posted on Thu, 09/14/2017 - 18:42

sanderspatricia29 sanderspatricia29

(Posts: 300 | Credits: 35.79)

Your first priority should be getting rid of your debt. What you can do is make payments of $1500 and save $500. So you can make 2 shots with one bullet!

Sub: #3 posted on Thu, 09/14/2017 - 19:04

Phil Bradford Phil Bradford

(Posts: 98 | Credits: 10.14)

Paying off the credit card balance will help you avoid interest payment in the next month. So, try to clear the debt and save the remaining amount. From the next month, plan a budget and try to save a substantial amount.

Sub: #4 posted on Thu, 09/14/2017 - 19:13

Mabelle Page Mabelle Page

(Posts: 30 | Credits: 3.19)

So, now you have $2000 in your wallet??
It's better to save the money that you got as a bonus ($800), and reduce your debt amount by using the saved amount ($1200)

Sub: #5 posted on Thu, 09/14/2017 - 19:23

Barbara Delinsky Barbara Delinsky

(Posts: 108 | Credits: 11.17)

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