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Financial Planning Question: Paying Off Debt

Q: I would like to pay of my credit card debt (it’s over $20,000 at a 16.99% interest rate). I am a retired teacher with a pension and 403(b). I am still substitute teaching. My home will be paid off in 2 years with a current interest rate of 4.62%. I have 1 child in college, 1 car note, and 1 equity line of credit. Should I get another low interest loan to pay off my credit card or transfer to lower rate credit card? We still use the card for monthly expenses? I prefer carrying a credit card instead of cash.

A: We all want to pay as little as possible on our debt; however, the bigger question for you is how are you accumulating the debt on your credit card to begin with? We would recommend creating a budget for all of your living expenses and trying to stick with it. Is it possible to pay off your credit card debt with your home equity line of credit? Also, try using a debit card instead of paying for everything with a credit card after you create your monthly budget. 


 

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