Given your experience, is Credit Card debt (18%), worth paying off outright rather than..

[LibForestPaul]

You could get a balance transfer with 0% APR for 12-18 months and form a strategy to have it paid off at the end of the term. That way if things tank in the next 12-18 months you'll still have your liquidity with you.

It will only cost about 3-4% of the balance upfront, but at least you won't be racking up the 18% every month.

bingo winner!

 

[kylejack]

I admit. I seem to take punishment to keep high liquidity but I realize the n$ I put towards my credit card every month (7k balance), I could just pay it outright and use that money (what I have been spending every month, $500) and just buying assets.. be it gold/silver or whatever. But then I am always thinking.. if things tank, I won't have the liquid i need so then I hold off on just paying it all off.. yet, nothing has gone down and every few months I am thinking.. damn, balance is still super high and its moving at a snails pace.

Pay it off (then I will have no debt, period!) and start using the money I've been paying into it and buy other assets?

Even paying it off and holding the money in cash would be better than paying 18% each month for no benefit.

 

[MelissaWV]

Balance transfers and rewards are worth it.

If you have that large a balance at 18% you are just burning money. Reduce your balance greatly, as soon as you can. Get a rewards card or find a 0% card to transfer to. Remove the interest from the equation by doing the aforementioned. Keep the credit card with a reduced (talking just a hundred bucks or two) balance around and use it sparingly, for things you will pay for right away. There are a lot of options and if you play it right your card will rack up more rewards than interest