lurker with a question

[btay]

Hi! I've been a regular poster on the bump for years. I just found this board when everything shifted over to proboards. I'm already learning a ton from everyone, so thank you in advance.

I have credit card debt leftover from my irresponsible college days, as well as some debt leftover on our credit card from a failed IVF. Is it more important to focus solely on paying off this debt, or should I be building a savings cushion so we don't have to use the cards anymore? I've heard different opinions on this so I'd like to hear yours.

[countthestars]

What do you have in savings now? I would build up your savings to a few thousand dollars before you tackle the credit cards. Pay down your debts highest interest first. If you need help, people here are great with budgets and can usually find ways to free up some of your budget for debt repayment. Feel free to post yours for suggestions, and welcome!

[btay]

thanks for the welcome. I currently have $1,000 sitting in savings just waiting for some appliance to blow up, but that is about it. I've just recently given up my meals out at work and it has already made a huge difference in our budget, so I'm hoping that will make some good progress.

[countthestars]

That's great! Every little bit helps. Do you have multiple credit cards or just one? Any other debts?

[btay]

May 17, 2012 12:59:59 GMT -5 countthestars said:

That's great! Every little bit helps. Do you have multiple credit cards or just one? Any other debts?

We have 3 credit cards. 1 is a Discover with an insane interest rate that has been our top priority to this point. The other two are at 9% so not quite as crucial. As for other debt I have 1 more year to pay $900 worth of furniture to avoid finance charges, I have 2 more years of car payments, student loans probably forever, we have a mortgage, and we financed most of the IVF with a loan from my husbands retirement (worst financial move ever, but we were desperate).