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  • FIRST POST
    • EimearF
    • By EimearF 13th Jan 20, 5:18 PM
    • 30Posts
    • 42Thanks
    EimearF
    Psychological benefits of using savings to clear debt
    • #1
    • 13th Jan 20, 5:18 PM
    Psychological benefits of using savings to clear debt 13th Jan 20 at 5:18 PM
    Can anyone give me an insight into whether they felt it was worth emptying their savings and becoming debt free?

    I have 4643 interest free on credit card and 4700 in savings. I know the smart thing to do is keep the savings but the fact i still have debt is stressing me out as I am in the final stages of paying off over 40K.

    Id be interested to hear how other approached this situation and whether its worth taking 3700 from savings so that i still have emergency fund and paying the card off as soon as possible.

    Thanks for reading.
    Last edited by EimearF; 13-01-2020 at 5:21 PM. Reason: typo
    Light Bulb Moment 13/09/17: Non- Mortgage Debt 42295
    01/04/19: Non-Mortgage Debt 13645
    01/10/19: Non-Mortgage Debt 9707
    01/11/19: Non-Mortgage Debt 5525
    14/01/20: Non-Mortgage Debt 883
Page 2
    • EimearF
    • By EimearF 14th Jan 20, 8:29 PM
    • 30 Posts
    • 42 Thanks
    EimearF
    I am actually so happy I’ve told both sets of parents and they are so relieved that we will be debt free in the 27th!

    I feel guilty I putting that stress in their lives too. We were so lucky to have them through all our bad choices!
    Light Bulb Moment 13/09/17: Non- Mortgage Debt 42295
    01/04/19: Non-Mortgage Debt 13645
    01/10/19: Non-Mortgage Debt 9707
    01/11/19: Non-Mortgage Debt 5525
    14/01/20: Non-Mortgage Debt 883
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