Coli financil experts, I have a question on debt

[Alvin]

Let's say you have $10,000 in credit card debt, but have no interest/apr, you recently stumble across $10,000 (either from the lottery or betting) would you
A. Use the 10,000 to pay off the debt
B. Use a rule such as the 50-30-20 rule by Credit Karma What is the 50/30/20 rule budget?
(50% of the money in your checking, 30% in your savings and then 20% on the debt or whatever combination you would use.)

@NewYorkIsBetterThanDallas

 

[NatiboyB]

Let's say you have $10,000 in credit card debt, but have no interest/apr, you recently stumble across $10,000 (either from the lottery or betting) would you
A. Use the 10,000 to pay off the debt
B. Use a rule such as the 50-30-20 rule by Credit Karma What is the 50/30/20 rule budget?
(50% of the money in your checking, 30% in your savings and then 20% on the debt or whatever combination you would use.)

@NewYorkIsBetterThanDallas

if you don’t have any other pressing financial concerns:
It’s a revolving credit line pay that thing off. Because you can use it again. It’s revolves. And low key probably get a credit limit increase.

if you don’t want to pay it off pay it to under 20%

 

[CrimsonTider]

B. Is the only answer

you weren’t charged for borrowing the 10,000 so you benefiting immensely by paying it back over time

 

[datnigDASTARDLY]

In a vacuum go B, in the real world go A

 

[Wiseborn]

The only reason that you want to have good credit is so that you have access to cheap loans. Rich nikkas get loans against property all the time and the flip that shyt into investments.

 

[feelosofer]

I'd probably flip the ratio, half into the debt, 30% into savings and 20 into checking but that's me.

Honesty though that's found money and it you should put as much into the debt that makes sense.

 

[UberEatsDriver]

Depends. Do you have savings? If you have a good amount in savings you can pay half and continue paying down. If you have no savings You should wipe out that debt and get it off your shoulders

 

[the bossman]

More variables needed :
Do you have an emergency fund already? (at least 3-6 months worth)

Do you have savings?

Do you have a job that covers all your monthly expenses?

Is it a stable job?

 

[MoveForward]

Pay off the debt… I have an 800+ credit score and a net worth of over 600k with the value of my assets. Once you pay off your debt, you can go harder on the saving. Pick up another job too while you’re at it.

 

[Geek Nasty]

This is a dumb scenario. How the hell does anyone have $10K interest free CC debt? That's free money. Take your sweet time paying it off. Dump the rest in investments and pay off your debt eventually with the gains.

 

[Darth Nubian]

If you have significant savings pay off the debt. Life comes at you fast and you and you'll need the credit line.

 

[CrimsonTider]

This is a dumb scenario. How the hell does anyone have $10K interest free CC debt? That's free money. Take your sweet time paying it off. Dump the rest in investments and pay off your debt eventually with the gains.

Balance transfer

 

[Alvin]

More variables needed :
Do you have an emergency fund already? (at least 3-6 months worth)
No
Do you have savings?
yes
Do you have a job that covers all your monthly expenses?
Yes
Is it a stable job? Yes

late but...