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Forum » Should I pay off my 20k debt in whole?
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Thread: Should I pay off my 20k debt in whole?

post 1613767791 08-16-2020, 10:58 PM
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Should I pay off my 20k debt in whole?

it would leave me with only around 3k in savings with no job or job potential on the horizon
post 1613767931 08-16-2020, 11:01 PM
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I’m not a die hard Dave Ramsey fan, but always thought it made sense when he asked this question:

If you had 3k in savings and 0 debt, would you take out 20k in debt so you could have some spare cash?
Entire NYPD should go on strike. You'll see then how quickly the mayor changes his tone.

"Dig with your hands, not with your mouths"

Entire NYPD should go on strike. You'll see then how quickly the mayor changes his tone.
post 1613767981 08-16-2020, 11:02 PM
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I would keep it as a safety net and pay it when you find a job
post 1613768031 08-16-2020, 11:03 PM
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post 1613768111 08-16-2020, 11:04 PM
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No, wait u til you get a job
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post 1613768121 08-16-2020, 11:04 PM
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Originally Posted By Smegmalion⏩
I’m not a die hard Dave Ramsey fan, but always thought it made sense when he asked this question:

If you had 3k in savings and 0 debt, would you take out 20k in debt so you could have some spare cash?
normally no but i literally have no idea when i'll have a job again unless i work at a grocery store or something. something i honestly don't wanna do
post 1613768191 08-16-2020, 11:06 PM
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No just file bankruptcy. IDK why people even pay off debts to begin with lol.
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post 1613768201 08-16-2020, 11:06 PM
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Originally Posted By 8pieces⏩
normally no but i literally have no idea when i'll have a job again unless i work at a grocery store or something. something i honestly don't wanna do
Hard times call for hard measures. Pay off your debt and get the job, you know it's only temporary and you'll still have money coming in and no debt to worry about.
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post 1613768221 08-16-2020, 11:06 PM
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Originally Posted By 8pieces⏩
normally no but i literally have no idea when i'll have a job again unless i work at a grocery store or something. something i honestly don't wanna do
It puts it in a good perspective huh? So just don’t pay it so you have it as a safety net, or pay half or something so you have lower payments but some safety, etc.
Entire NYPD should go on strike. You'll see then how quickly the mayor changes his tone.

"Dig with your hands, not with your mouths"

Entire NYPD should go on strike. You'll see then how quickly the mayor changes his tone.
post 1613768301 08-16-2020, 11:07 PM
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What kind of debt? What interest? Would I take a 20k debt for 1% interest on a car? Yeah, I'd do that.
post 1613768361 08-16-2020, 11:08 PM
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Originally Posted By taskmob⏩
No just file bankruptcy. IDK why people even pay off debts to begin with lol.
Because it puts you in credit purgatory for who knows how long, makes it harder to get approved for credit, loans at low APR, etc

Good luck not getting your wages garnished and your tax returns taken as well

Think of credit lenders as a more ethical loan shark. The latter will break your knee caps if you don’t pay back; the former will just make sure they get theirs through your regular stream of income
post 1613768381 08-16-2020, 11:08 PM
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Just pay off 12k and hang onto 11k

Keep 3k in checking and 8k in savings and make like double you monthly payment but reasses how you feel about your situation each month.

Keeps it fairly aggressive for getting out of debt but leaves you an emergency fund.
post 1613768511 08-16-2020, 11:10 PM
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Depends on living situation. Tbh I would be fine working a low end job and be debt free if I had to for a while. I’m in debt and can’t wait to have the feeling of being debt free
post 1613768541 08-16-2020, 11:11 PM
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post 1613768651 08-16-2020, 11:14 PM
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what's the interest rate?
worse things happen at sea
post 1613768831 08-16-2020, 11:17 PM
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Originally Posted By Duckliver⏩
Just pay off 12k and hang onto 11k

Keep 3k in checking and 8k in savings and make like double you monthly payment but reasses how you feel about your situation each month.

Keeps it fairly aggressive for getting out of debt but leaves you an emergency fund.
That’s it. Was gonna say pay all your debt but you don’t have an income.

So this sounds like a good balance

Also I’d work at a grocery store 12 hours a day 3 days a week. Use the 4 days off to continue huting. If grocery store job covers all your monthly expenses, after about a month or two at the grocery store job (to make sure you’ll stick it) pay off all your debt and keep 3k as emergency.

Live off your grocery store job
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post 1613768851 08-16-2020, 11:17 PM
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Originally Posted By wagtail⏩
what's the interest rate?
different kinds between 17-19%
post 1613768911 08-16-2020, 11:19 PM
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Originally Posted By 8pieces⏩
different kinds between 17-19%
You need Dave Ramsey to come kick your ass.
**^^ gone ^^**
post 1613769101 08-16-2020, 11:22 PM
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Originally Posted By 8pieces⏩
different kinds between 17-19%
Pay that **** off now.
post 1613769231 08-16-2020, 11:24 PM
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Originally Posted By 8pieces⏩
different kinds between 17-19%
TF ? is this srs ?

Pay now and eat ramen
post 1613769281 08-16-2020, 11:25 PM
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Originally Posted By 8pieces⏩
different kinds between 17-19%
pay it off immediately
worse things happen at sea
post 1613769361 08-16-2020, 11:27 PM
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Originally Posted By TugOfPeace⏩
it depends on the interest rate of the debt and what you'd be missing out on by paying it off.

in my case I have $30k of credit card debt.

$10k is at 0% interest, and that rate expires in September of next year, so I'm in no rush to pay it off.

$20k is also at 0% interest, but expires in January of next year, so again, no rush to pay it off.

If I pay it off that's great, but what happens if I lose my job? Now I'm debt free but don't have savings for monthly expenses.

I can pay it off in full, but I choose to hold onto the money and make gains from it in the market.
did you transfer the amounts to a creditor offering 0% interest or did you just get a zero interest credit card from the beginning?
post 1613769461 08-16-2020, 11:29 PM
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Originally Posted By 8pieces⏩
different kinds between 17-19%
Yeah, that's pretty low, I'd keep paying the minimum so you can have cash in your bank account.

What happens if you pay it off and then have to take out high interest loans just to pay your bills? Then you'd really be in trouble
post 1613769781 08-16-2020, 11:36 PM
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Originally Posted By TugOfPeace⏩
it depends on the interest rate of the debt and what you'd be missing out on by paying it off.

in my case I have $30k of credit card debt.

$10k is at 0% interest, and that rate expires in September of next year, so I'm in no rush to pay it off.

$20k is also at 0% interest, but expires in January of next year, so again, no rush to pay it off.

If I pay it off that's great, but what happens if I lose my job? Now I'm debt free but don't have savings for monthly expenses.

I can pay it off in full, but I choose to hold onto the money and make gains from it in the market.
I agree with this statement completely.

Exactly... yeah, that's cool that you have no debt but what about monthly expenses? How long will you be out of a job for?

Devil's advocate of paying of all debt... "yOu CaN rE-sAvE tHaT mOnEy".
post 1613769911 08-16-2020, 11:38 PM
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Originally Posted By TugOfPeace⏩
Don't listen to this guy.
edit: Saw you have no job - at least pay off half of it then. Keep $10k
He shouldn't have 20k in cash sitting around in the first place if he had 17 apr loans. How long did it take him to build up those savings while paying interest on the loans when he should have just paid them down?

Even if he can't find a job and has to live off credit cards after his 3k runs out he'd be better off paying the whole thing off. His credit cards may be what 4-10 points higher at the max? But he'll have 10k less debt accruing interest. As long as his spend rate is reasonable there is no realistic scenario where the debt shouldn't be paid off in full (it should have already been)
post 1613770321 08-16-2020, 11:49 PM
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Pay it off and you'll feel like a new man with a clean slate, no ties/payments/interest. Hold onto it and you'll pay for it every day due to interest.

EDIT: Think it's worth mentioning I've recently paid off all of my debts (credit cards, student loans, modern car) and am left with very little in the bank, in fact pretty close to your number from OP (~$3kish). If I suddenly lost my job, I wouldn't last more than 3 months, until I'd have to dip into my retirement accounts. Point is, despite that, I wouldn't take the debt back to feel more secure.
post 1613771151 08-17-2020, 12:14 AM
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Unless you're credit is ****, you got screwed with a horrible APR. Try refinancing, instead of depleting your savings if you don't have a steady job, first.
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