{ "media_type": "text", "post_content": "Normally pay my credit card off in full each month but find myself with a 10k balance (mix of medical, a/c repair, other unexpected events). I have 15k in savings, but I'm uncomfortable using most of it until closer to bonus time (wife stays home and I have 2 kids). Is this the right approach? Paying interest doesn't make sense either. Helpful advice only please", "post_id": "60fff868de4a41001c1aa0ef", "reply_count": 20, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Normally pay my credit card off in full each month but find myself with a 10k balance (mix of medical, a/c repair, other unexpected events). I have 15k in savings, but I'm uncomfortable using most of it until closer to bonus time (wife stays home and I have 2 kids). Is this the right approach? Paying interest doesn't make sense either. Helpful advice only please

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Why not just pay it off? The fact that you already have a balance of $10k on your CC shows that if there was an emergency, you could just use your CC, like you already did. Think about that for a second. You had unexpected large expenses and instead of using your e-fund, you used your CC anyway. Just pay off the CC and rebuild your e-fund.

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Find a card with a 0% promo rate on balance transfers, preferably with a 0% transfer fee. This should give you 12-15 months to pay it off at no additional cost.

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BofA - You didn't use our free balance transfer / cash advance employee benefit? We've got it almost too good

Pay it off

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Also, just a thought for moving forward, to not only have an emergency fund, but a “life happens” fund. It’s a slight nuance, but the emergency fund is for 3-6 months living expenses in case you lose your job, but the “life happens” is for the unexpected costs that come your way - car in the shop, AC repair bill, etc.

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Those are the same thing

likesmart

You should pay it off. Worst case scenario you simply accrue more credit debt later if you have to. Just curious though: How much money are you able to save each month and do you have any other equities or assets you could liquidate if you needed to?

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I can pay down or save about 900 a month. No other liquid assets, just retirement accounts

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Balance transfer or consolidate with something like Best Egg. Rates should be low and you can pay off over 5 years. Just need to keep yourself from running up another CC bill. I’ve had to do this before and was able to get under 3%.

If multiple cards, payoff one and increase the payments on another by the amount you are no longer paying for the first. Adjust your saving amount to “repay” the amount missing and continue to review/adjust monthly/quarterly until you’re in the clear

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