Credit card debt vs available cash

5 Replies

So I’m in a bit of a dilemma, I have about 25k in credit card debt, more than half of which was used for rich dad poor dad elite education. I recently sold a home and have an extra 20k in the bank should I pay the credit cards off, or use the 20 k to invest into properties? My monthly payment on the 25 k is about $450 a month. But could be whipped out if I pay off the credit cards. If I do that I now have no leverage for deals and down payment abilities. Please tell me what you would do if you were in my shoes? Get rid of the debt , pay half of it? Other half to properties? Please let me know. I would appreciate all insight!

Personally I would pay off the credit cards first. Credit card debit is the worst and the interest rates are usually so high they can be crippling. 

What I would do would depend upon the credit card interest as well as how much I could make on that money.

I have 0% interest for 1.5 years, I would not pay this off.

What is your interest rate?

You paid for the "elite" education and you are just about to learn something: you wasted your money.

Pay off the debt. You can't build a house of wealth on a foundation of credit card debt. Get your financial life in order, educate yourself instead of wasting money on gurus, and then start building wealth the right way.