Financial Advice And Investments
July 8th, 2008
Question: Financial advice please. Thanks!?
I am on disability for the time being but would like to get off of disability and rely on myself instead of the government. So I am going into business for myself. The first thing I should do to get started, should I pay off my credit card as much as I can each month (about $2,000 debt. I get $400/mo disability) or should I pay a little at a time and invest the rest? The first thing I need to do is take care of this credit card debt before I can start using my disability checks for investments etc.
Answer: In my opinion, it will be better for you to stay on disability and pay your debt as quickly as you can. Paying your debt a little at a time will cost you more in the long run due to the interest payment.
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