Timothy J. Sierra, Attorney at Law Trusted Florida Bankruptcy Attorney Since 1987
Call Today For A Free Initial Consultation
813-463-2256

Is it smart to pay down credit card debt with your savings?

Are you carrying too much credit card debt? Have you found it almost impossible to stay current on all of your monthly card payments? Do you feel like there’s just no way you’ll ever get out debt? If so, you’re not alone. There are many people across the country, including in the Tampa area, which have credit card debt. However, there are ways to get out from under that debt.

Although many people might be hesitant to spend money from their savings account to pay off their credit card debt it can actually be a very effective way to get out of debt. When a person spends money on any item and uses credit to pay for it, he or she has essentially already spent money from his or her savings. Therefore spending money from one’s savings account on credit card debt is really just like transferring money from one account to another.

There are some good reasons to use one’s savings to pay off debt. Every month a person holds onto excess money in a savings account, and at the same time continues to pay high interest rates on credit cards, he or she is losing money. There is also a nice psychological advantage to paying down one’s debt. Of course, it is probably not the best idea to burn through all of one’s savings, because it’s always good to have something in reserve.

Getting out of credit card debt can be difficult but it’s not impossible. However, if you feel like you’tre completely overwhelmed by debt then you might want to speak with an experienced bankruptcy attorney.

 

Source: Daily Finance, “Should you use savings to pay off your credit card debt?,” Sally Herigstad, Jan. 24, 2014

No Comments

Leave a comment
Comment Information
  • "I recommend Timothy Sierra - a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy. "
  • "I recommend Timothy Sierra - a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy. "
  • "I recommend Timothy Sierra - a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy. "
  • "I recommend Timothy Sierra - a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy. "
More Testimonials
Email Us Today

Schedule A Free Initial Consultation To talk to an experienced Tampa bankruptcy attorney, call 877-492-7449 or fill out the form. All calls are returned within 24 hours.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We Have Offices in Tampa, Riverview and Brandon For Your Convenience.

Tampa Office
118 South Rome Avenue
Tampa, FL 33606

Toll Free: 877-492-7449
Toll Free: 877-492-7449
Phone: 813-463-2256
Phone: 813-463-2256
Fax: 813-258-4746
Tampa Law Office Map

Riverview Office
6314 U.S. Highway 301 South
Riverview, FL 33578

Toll Free: 877-492-7449
Toll Free: 877-492-7449
Phone: 813-463-2256
Phone: 813-463-2256
Fax: 813-258-4746
Map & Directions

Brandon Office
305 North Parsons Avenue
Brandon, FL 33510

Toll Free: 877-492-7449
Toll Free: 877-492-7449
Phone: 813-463-2256
Phone: 813-463-2256
Fax: 813-258-4746
Map & Directions