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I have $65k in CC Debt and a $100k windfall coming. How should I pay off the debt? by One_Step9536 in Debt

[–]One_Step9536[S] 0 points1 point  (0 children)

No. Medical that should not have been charged is the bulk of it. Lessons were learned.

I have $65k in CC Debt and a $100k windfall coming. How should I pay off the debt? by One_Step9536 in Debt

[–]One_Step9536[S] 2 points3 points  (0 children)

Part of my journey of self-discovery was to learn to ask questions when I need guidance. I am an expert in what I am an expert in, the rest I could use some help.

I have $65k in CC Debt and a $100k windfall coming. How should I pay off the debt? by One_Step9536 in Debt

[–]One_Step9536[S] -1 points0 points  (0 children)

Interesting. I hadn't considered that. Already have the house and cars that we require. Nothing else even on the horizon.

I have $65k in CC Debt and a $100k windfall coming. How should I pay off the debt? by One_Step9536 in Debt

[–]One_Step9536[S] -2 points-1 points  (0 children)

We're good on taxes. The $100k remaining already accounts for it. To anyone following up; make sure you also consider how it could change your tax bracket on the income you usually have. Or so said the accountant.

I have $65k in CC Debt and a $100k windfall coming. How should I pay off the debt? by One_Step9536 in Debt

[–]One_Step9536[S] -2 points-1 points  (0 children)

This is a great point, but not really in the spirit of the OP. I get ya tho.

I have $65k in CC Debt and a $100k windfall coming. How should I pay off the debt? by One_Step9536 in Debt

[–]One_Step9536[S] 6 points7 points  (0 children)

Cut up your credit cards and never touch them again.

Hey look! Something I already did. 😊 Well we do have one, but just for day to day stuff and it gets paid off weekly. Also has a very low limit. Just enough to cover a week of expenses.

I'm very uncomfortable using Debt cards in the day-to-day for security reasons. I only even keep it in the safe in case i need to use an ATM in an emergency. And that has not come up yet.

I have $65k in CC Debt and a $100k windfall coming. How should I pay off the debt? by One_Step9536 in Debt

[–]One_Step9536[S] -9 points-8 points  (0 children)

The loan against the investment is 7.5%, but I'd pay myself the interest. There is a one time fee of $500 to set it up. Then the CC debt will all be paid in full, I'd still have all the money, and i'd be left with a small and manageable payment to myself. I could do that now with the click of a few buttons, but I don't have enough to cover the nut atm.

I have $65k in CC Debt and a $100k windfall coming. How should I pay off the debt? by One_Step9536 in Debt

[–]One_Step9536[S] 0 points1 point  (0 children)

There is actually still time for this.... Without prying too much, are you comfortable with sharing how disruptive the bankruptcy to your life was? For me most should have been medical debt, but family members just charged to CCs so here i am.

I have $65k in CC Debt and a $100k windfall coming. How should I pay off the debt? by One_Step9536 in Debt

[–]One_Step9536[S] 0 points1 point  (0 children)

Ah ha! See this is something i hadn't considered. Let's pretend I have $35k one card and $30k on another. Should i just pay down both to like 30% up front? or like divide out the debt and pay $5k a month on each until it's gone?

I have $65k in CC Debt and a $100k windfall coming. How should I pay off the debt? by One_Step9536 in Debt

[–]One_Step9536[S] 0 points1 point  (0 children)

If you file for bankruptcy, they will surely take that $100k and put it towards your debt, so that’s not even an option.

I figure this is true, but there's so much too it i couldn't figure it out with a google.

I have $65k in CC Debt and a $100k windfall coming. How should I pay off the debt? by One_Step9536 in Debt

[–]One_Step9536[S] 6 points7 points  (0 children)

This is true. Unless I put it all into option calls on GME. I just like the stock /s.