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Debt Discussions about debt and how to deal with debt.

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  #1  
Old 01-25-2017, 02:19 PM
bryaneuropean bryaneuropean is offline
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Default Needing Advice

I am in need of financial advice.

I have been building upon my savings for several years now and have tried very hard to prevent taking from it. However, it is becoming increasingly harder and harder to not do so with the credit card debt I have accumulated, as well as a Discover loan I had to take out for a family emergency.

Even though, I can pay everything off, it will severely cut into my savings.

My first thought was to pay a good portion toward my Discover loan balance to bring my monthly payments down. However, after talking with Discover, they told me that the type of loan I have will not bring my payment down no matter how much I paid into my balance. Then I thought about paying down my balance until I could afford to pay it completely off without affecting my savings too much. But then Iím stuck with having to continue to make this enormous payment each month, which is currently affecting the rest of my monthly bills. And as a result, I donít want to have to do this either.

I have also been wrestling with the idea of making a substantial payment to each of my five credit cards to bring their balances down to help me deal with my Discover loan payment every month. But then that still leaves me with Discoverís huge balance that I will have to continue to pay for another 6 years.


But what really keeps me from just biting the bullet and paying everything off is I know I will not recoup this loss, and as a result, I just canít pull the trigger in taking so much from my savings that I will most likely never get back.

So, what should I do? What would you do in my place?

Thank you for any insight you can provide me.

Bryan
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Old 06-27-2017, 07:30 AM
eran2016 eran2016 is offline
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Default Re: Needing Advice

I think it's great
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Old 09-07-2017, 07:49 AM
jennys jennys is offline
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Default Re: Needing Advice

Its really great
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Old 09-10-2017, 05:43 AM
Jeff51 Jeff51 is offline
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Default Re: Needing Advice

I don't know I personally hate loans and I am not sure whether I would ever get one. The idea owing someone money is terrifying for me. Do you somehow use your savings for a business opportunity? Because if not, why not just pay the debt and avoid that fees that you have to pay to the bank?
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