Debt or Savings!

[bradpatrick]

This is a constant battle with my wife and I. Somehow she got $1500 into debt last year. It started off as a $300 credit card (her first credit card at the age of 25) and she did not tell me the limit got raised. Long story short, I was upset but now we are paying it off.

Well we have nothing in savings..maybe $300.. which is really not much. My wife puts $10 a week into there but I just found out that whatever she puts in there during the month she takes out and puts towards that credit card debt. So we've managed to get it from a maxed out $1500 down to $940 as of last statement.

I want to get the debt gone, but I want something into savings.. in case of an emergency.. auto repair.. something that's going to go wrong. She says if that's the case we can just use the credit card. She wants to put everything toward the debt, then start building savings.

I say we should pay off the debt AND put money into savings. My feeling is that if something happens then we are tacking on MORE debt that we just paid off!!! Then we'll have more debt and NO savings!!!

HELP!!! I do think I am right.. it makes sense to me.. but she thinks the chances of "something happening" are slim to none and I think he's wrong.. I don't want debt, and I never want to use the stupid credit card again!

[Nicklas J]

Yes you have to have money saved in case of any unexpected expenses. Otherwise.... MORE DEBT!

[Tez]

Firstly kill the debt, because it is the debt that is keeping you from not getting ahead and having savings surplus-money available.

Debt is related to " Renting your Lifestyle". The trick is to learn what has caused the debt in the first place. Once you have the "know-how", only then can you make informed decisions about your money and take the required actions to wipe the debt.

Trust me! You can pay your debt off sooner than what most people think, but only if you know how.

Once the debt is cleared, then you will have surplus-money available which you can wisely invest to give you exponential returns and supply you with enough money in case of emergencies. But the trick is to learn the opposite of what most people have been conditioned to believe to be true about their finances.

[cristiano78]

So is like a trick with dept? I read some informations about this on the internet but could u give more details also to me ! Thank you sir!