As you can see from yesterday's post, I am on a major finance kick lately. I decided I really need to streamline my bills etc. I have one credit card that has a balance...and it was a decent chunk of money. My min payments were high and the interest rate was insane!!
So....I took my wedding fund and paid off the credit card debt!! While I am so happy I am now debt free...I want to cry that I pretty much cut my fund in 1/2!!!
I figured this...I was paying a crazy minimum payment that I can now just put back in the wedding fund. If by chance I dont replenish my fund (which I totally should be able to do), I can always charge items right before the wedding and pay it off with wedding gifts. Of course this is not the plan, but making me feel a bit better and secure with using up my cushion!
Would you have done this?
StaceyWill
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Re: NWR: Credit Card
I would've done the exact same thing- good choice!!
sugarnspice
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as long as your smart, then yes its a good plan
you had money witting there, not in a cd, so you werent making money on it. You were accumulating interest fees so its not a bad move
just be smart about re-paying yourself
marinai7
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Yes, very smart choice.
AngnShaun
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VERY SMART.... its easier to replenish that wedding fund than to get rid of that debt!!!
grkbarbie
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dont tell your fh u paid off ur cc...
he'll think ur richhh and go to LOEWS AND HOME DEPOT
blessed18
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very smart
Ncarlo
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My fiance and I DID this!
Its a smart move-(my FH is a CPA and I'm in finance) think about it this way- if you pay off your cc and have no debt to keep paying off-then you can put more money away, instead of saying ok I can't save $500 a paycheck bc I have to put $250 towards credit cards, now you can put the full $500 because you are free and clear.. and in the long run you will save more.
Also like you said interest rates are a killer! doesn't it feel good to be debt free???!
jcreilly
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Re: NWR: Credit Card
I think that was a very good move!!!
Panamasweet
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I think you made a very smart choice. You just saved yourself a ton of interest and like you said you can replenish your wedding fund with what you would have been paying monthly on that card.
Wish I had a wedding fund to do that
GiannisWifey
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VERY smart move......
I would make a suggestion, whatever that credit card payment was that you WERE making, pretend like it is still there and put it into your wedding funds, along with any other money you put in there to begin with.....
Some people pay off a CC then DONT take the money they would have been making towards the payment and put it away......
Smart move hun!
StaceyWill
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Re: NWR: Credit Card
Posted by GiannisWifey
VERY smart move......
I would make a suggestion, whatever that credit card payment was that you WERE making, pretend like it is still there and put it into your wedding funds, along with any other money you put in there to begin with.....
Some people pay off a CC then DONT take the money they would have been making towards the payment and put it away......
Smart move hun!
That's a GREAT suggestion!!
MrsHazel2B
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Extremely good choice. Just keep the charges down on that high interest card and you should be fine!
RitasEngaged
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I think you did a very smart thing
FallBride2010
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Posted by grkbarbie
dont tell your fh u paid off ur cc...
he'll think ur richhh and go to LOEWS AND HOME DEPOT
You are too funny! LOL. I actually did tell him -- and told him now he needs to replenish it on his own as punishment for taking my money w/o asking! ; )
heathery72
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Yeah I think thats a great plan!
kat2010
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yes ! finance charges are over 20% on credit cards!
Sandradv121
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I did this right after I got engaged. I payed off EVERYTHING.
gonzalezm3
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good choice!
StellaStar13
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YES, YES, YES....very smart BUT i believe its better for your score & annual rates to keep some type of constant balance on your CC's. Dont take my word for it def double check w/a financial advisor.
