Today I made my monthly payment on my credit card towards paying down and eventually paying off the balance. Right now I am able to throw around $200 a month at the balance so that this month it went down from $1,400 to $1,200.
I want this debt gone. It is credit card debt and I have grown a terrible hatred for credit card debt. I have always believed carrying a balance on credit cards is a bad thing to do. Due to some irresponsible moves the past couple years I built up a large balance and have been working since September at paying it all off.
Today I found myself contemplating whether I should sell some stock I own and use that money to pay down some of the debt. I have a small online stock brokerage account which only has about 800 dollars worth of stock in it. I am contemplating selling one of the holdings which would give me a little over $500 to put towards the credit card. This would help me pay off the credit card a couple months earlier then the current plan of paying down $200 a month.
Once I have that credit card paid off I will be able to save an extra $200 a month. This would help boost my savings quite a bit. My stock account is for fun. I like speculating in the market. However, I don't see myself getting rich off of this. Especially with such little capital and considering I've lost money on most of my trades except a couple. I don't see myself growing the capital I can trade anytime soon either. My fiance and I have specific goals and none of them include building up my stock account. We are saving for our wedding. We are buying a house. We are paying off our debt. After all of this we want to build our emergency fund up about $6,000 more. And after all of this we would like to start saving into a couple mutual funds. I don't see myself contributing to my online stock brokerage account any time soon. Even after our wedding and after our debts are paid off, I doubt my fiance is going to want to put our savings into my stock picking ideas. She would rather put our savings into mutual funds with a history of good performance. And since I work for a mutual fund company, we can do this at NAV with no commissions or sales charges.
It may pain me to liquidate my stock account and use the money to pay down the credit card. However, I believe it is time to face the facts and go after my first goal. Being debt free. Getting rid of this credit card debt will free up a couple hundred dollars a month and that is what I need to do.
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Sell Sell Sell!
The only investment account you should leave money in when you have a credit card balance is your retirment account, such as a 401k or IRA.
The reason is simple, you'll end up with more money if you take that money out of the stock market and put it into your debt. With the stock market, you can only reasonably expect to make around 9%-15% per year, based on the historical performance of the market. When you pay down your debt, you are gauranteed to save yourself whatever interest rate you are paying. So if your choice is maybe 9%-15% gained on the stock market, or paying off your 14% APR credit card debt, go with the gauranteed win and pay off the card.
Basically, paying off your card is the best investment you can make.
With CC debt, it seems like it would be hard to justify a "for fun" stock account, unless the rate is low on the CC.
And making 9-15% average is assumed you do as well as "the market", which stock picking rarely leads to.
If the rate on the card is low, then you may want to consider the tax implications of selling (I am no tax expert, just a thought). If it is high, then... screw it. Sell them and get closer to debt free
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