How much of your savings should you use to pay off credit card debt?

>>1503950
First ask yourself why you have more credit card debt, then see what you can do to improve your system in earning/spending.

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>>1503950
all of it pepe and then start living within your memes.

Credit is something people without savings need.

>>1503950
As much as possible.

I keep a minimum 3 months of expenses in cash, the rest goes towards investment accounts or paying off bad debt like credit cards (if i had it)

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>>1503963
>all of it pepe and then start living within your memes.

>>1503966
>I keep a minimum 3 months of expenses in cash,

why

>>1503996
In case of an emergency or opportunity. Cash is king. Life is crazy and there is virtually an unlimited amount of different things that can happen.

>lose job
>see a good bargain
>medical emergency
>car breaks down
>friend/family needs help
>dog gets sick
>stock market corrects and can't withdraw for a good price

etc etc etc

>>1504042

ah ok thanks

>>1503957

ty too

>>1503950
All of it. Gtfo of credit cards unless u are using them to build credit.

>>1503950
>credit card deb
u dun goofed there anon

>>1503966
>bad debt like credit cards
le good debt meme
no such thing anon

>>1504479
Let's say I borrow money at 3%...

Then I make 5% on that money...

That's called good debt.

>>1504479

Wanna know how I know you're not rich?

>>1504534
lol seriously

>>1504501
you won't get any serious loan for it to matter much. basically even mortgage will eat up more money than any safe investment gains you. non covered loans will be horribly for this purpose.

so this is just you deluding yourself.
more like 5% loan for 3% interest is the reality.

>>1503950
Assuming the interest on your debt is greater than the interest you're earning on savings, the answer is "as much as you can afford".

Although there's a robust school of thought that says you should have an emergency fund equivalent to X months expenses, the reality is that this fund can be in the form of available credit (I.e. a credit card you're not currently using) rather than cash sitting in a bank account.

Tldr: for most people it's better to have an bank account at zero balance and an untouched credit card than it is to have $2000 on a checking account and $2000 cc debt.

>>1504564
However, this^ isn't correct either. If you can leverage debt then go for it. That's the basis of credit card stoozing. Plenty of people are taking advantage of the low base rate to take out loans and then lend that money via P2P. Gotta speculate to accumulate.

>>1504564
uhhhh what is a business loan for 200, Alex?

How the fuck do you think property managers make money?
>Obtain 5% note
>Buy apartment complex
>Achieve 7% return
>Pay off note
>Keep 2% spread

Seriously this happens all over the planet.

Source: I worked as an analyst for REITS and other real asset funds for several years.

>>1504636
>lend that money via P2P
yeah if you price in the risks then you ain't getting anywhere anon.

only sensible thing would be to invest the money you get on a loan in a 100% safe investment of higher interest but this won't happen.

>>1504638
some winners are bound to be for all the losers who don't make it. nothing is a sure bet not even gov bonds are a 100% really just close to it. real estate is risky as hell. you need some criminal moves to make it work and profitable or you get screwed.

for the common people middle class net worth under $500k and all, debt is simply a screw up not an opportunity like it is to narcissistic sociopaths like trump for example. if you manage to get a billion dollars in debt sure you made it. see if you can get a $10k loan with nothing to your name tho!

>>1504814
Dude I think your tin foil hat is on too tight.

>>1504178

dont be mean pls

>>1503950
I pay in full every month, that is how it works? no?

>>1505846
that is what you should do....lots of poopy people don't though

bump more adivces pls

>>1504621
Listen to this and only this, OP

>>1504621
>Although there's a robust school of thought that says you should have an emergency fund equivalent to X months expenses, the reality is that this fund can be in the form of available credit (I.e. a credit card you're not currently using) rather than cash sitting in a bank account.
Not everything can be bought on a credit card. And while you can certainly get cash out of a credit card, doing so normally comes with extreme fees and interest rates (and no interest-free period on most cards).

It depends on the exact amounts but I think in most cases losing your last cash reserve in order to marginally decrease a debt that will already need to be paid off over multiple years... it probably isn't worth it. Get a side job instead to pay it off faster.

>>1503950
300%