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QUESTION DETAIL

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I will be receiving my $8,000 Tax Credits soon for the first time buyer's Tax Credits. I have $3,300.00 in my savings (so only 1 month for emergency savings) and $17,500 in credit card debt. I don't know what the best thing is to do with the money. $6,000 of my debt is locked in at 3.99% till it's paid off, and the remaining $11,500 is locked in at 9.99%. What do you recommend?


ANSWER


The BIDaWIZ Team's Answer:

The $8K tax refund should be applied to reduce the debt that has the

9.99% interest expense rate.

The BIDaWIZ Team

 

 

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