Divorce Support Forums: What to do with my settlement?

I would pay off the credit cards (interest is a b!t@h), BUT you need to make sure that you set yourself up in your spending habits in a such a manner that you PAY THEM OFF each month.

Then it is a 0% floated loan in your favor. Once you let it slide to another month .... then they have you.

If you can not (by habit or design) pay your credit cards off each month ... CUT THEM UP and CLOSE the account.

So -- pay of the credit cards. THEN ... take what was about 1/2 or more of that monthly payment and toss it at the line of credit each month. The increased payoff with reduce the time of the loan, AND the damage that interest does to your long term economic security.

When paying off debt, you want to pay off the one that builds into more debt, AND make changes that prevent the same situation from returning.

After the line of credit is paid off, then you do the same thing to pay off the primary mortgage. Get it down faster than the agreed terms. Reduce the pain of interest. Take any extra money (tax returns, bonus checks, etc.) and toss 1/2 to pay down debt. Interest IS NOT your friend.

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Today you are You, that is truer than true. There is no one alive who is Youer than You.
Dr. Seuss

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