Household Finance Mortgage
March 27th, 2007 | 
Author: 
Question: For the financially responsible?
What is a reasonable amount of time to pay off a $3500 credit card debt?
It is the only credit card debt we have. We have two car payments, mortgage and one loan payment plus our household finances and an 18 month old daughter to provide for. We have a monthly disposable income of anywhere from $500-$1200. Taking into account the holidays coming, we buy all gifts with cash, how much time should we give ourselves to pay off this credit card?
rate is 9%
PS we've budgeted $300 for gifts and the disposable income is AFTER we save and pay bills. It is truly disposable.
Answer: You have to think about where your disposable income could be spent best. If you bite the bullet and cut back on a few of the extras like eating out, Starbucks, and entertainment you should be able to knock that credit card debt out within 3 months.
The next step is to make sure you don't get yourself back in the same situation. Remember, credit cards are great for emergencies and unexpected large one time expenses that can't be avoided, but should never be used to live outside of your means.
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