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Forum » Is 6k in credit card debt a lot?
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Thread: Is 6k in credit card debt a lot?

post 1611476111 07-23-2020, 03:19 PM
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#31
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Originally Posted By W1LLW⏩
It's not the mental baggage as much as it's about the lost opportunity cost. Paying 20% interest on $6,000 or wiping it out and making monthly returns on stocks?
he said it's 0% interest so in theory the opportunity cost is to pay it off.
post 1611476181 07-23-2020, 03:20 PM
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#32
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Originally Posted By GordonXXX⏩
it's the mental baggage of carrying a bunch of debt. you never want to get comfortable holding and acquiring a bunch of consumer debt. consumer debt is bad. use credit cards, but pay them off every month. debt-free mindset.
Let that **** go. The mental baggage itself is what's weighing you down, not the debt itself. OP says that he can pay it all off and he has 0% interest now. So what's the rush? What if he makes a smart investment with 20% of say that $6000 he plans on keeping liquid?

If you are just gonna work and collect a paycheck and stack cash, then yeah, save up as much as you can until you retire and never use a credit card and get into debt. But IMO any business owner should learn to use debt wisely and make it work for you. But again, this is risky.
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post 1611476201 07-23-2020, 03:20 PM
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Originally Posted By 78novacaine⏩
Either way, you should be able to pay off $6k with less than a weekly paycheck, so I dunno wtf we are even talking about here...
he said he's a student not a wealthy tradie.
post 1611476241 07-23-2020, 03:21 PM
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#34
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According to the misc everyone lives in disneyland and makes $10k/ day.


$6k is alot tbh. In case of an emergency like losing your job $6k aint as easy as say $500.


If you dont pay all off at the end payments gonna be like $200 and like $50 going towards balance


Just pay it off

Im guessing you got a new card with 0% interest apr and transferred previous debt, just pay it off
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post 1611476491 07-23-2020, 03:24 PM
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Originally Posted By GordonXXX⏩
it's the mental baggage of carrying a bunch of debt. you never want to get comfortable holding and acquiring a bunch of consumer debt. consumer debt is bad. use credit cards, but pay them off every month. debt-free mindset.
I agree.

I'm not saying its ideal to not pay it in full, I'm just saying in the absolute majority of scenarios, the clear cut winner is to pay it off in full. In this one specific scenario, its pretty much a wash. As long as OP is smart w/ money and makes this a 1 time thing, then just wait till he can save a little more so he's not flat broke when he pays it all off... especially with the 2nd stimulus check coming soon.

Mental baggage is different for everyone. Some people work fine knowing they're in debt. If OP is not one of those people, he should definitely pay it off.
Hi
post 1611476951 07-23-2020, 03:31 PM
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#36
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Originally Posted By Merc009⏩
According to the misc everyone lives in disneyland and makes $10k/ day.


$6k is alot tbh. In case of an emergency like losing your job $6k aint as easy as say $500.


If you dont pay all off at the end payments gonna be like $200 and like $50 going towards balance


Just pay it off

Im guessing you got a new card with 0% interest apr and transferred previous debt, just pay it off
Use this logic: If he loses his job, he's still able to make the minimum payments until he finds a new one right? That's what the extra cash is for. So let's say he has $7K in his bank account and pays off $6K, loses the job, then has $1000 to live on, which is spreading real thin.

In the grand scheme of things, 6K is nothing, considering the average person will make $2.7 million in their whole lifetime
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post 1611528071 07-24-2020, 07:43 AM
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#37
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Gradually pay it off and live your life for now.
post 1611532241 07-24-2020, 08:36 AM
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its up to OP. Depends if you trust yourself to pay it all off within the 18 months of 0% and the chances that you wont have the money later.
post 1611532321 07-24-2020, 08:37 AM
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Personally I don't like any debt over 700$

When I was a struggling grad student, I had 700$ of CC debt that I just couldn't escape for over a year. That constant feeling of being in debt/broke is the worst. Decided never again
post 1611532851 07-24-2020, 08:43 AM
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#40
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It's a lot. Pay it off before the no intrest is up or look into a balance transfer to another no intrest card if you cant. Nothing worse than paying intrest on a bunch of frivolous consumer debt and funding responsible people's points and rewards.
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