WDW_fan_in_TX
DIS Veteran
- Joined
- Jun 16, 2015
- Messages
- 527
No. I thought it was 345% APR interest. It is NOT. It is indeed 522% APR. It's one of title loan places, not a credit card. Heck, my car loan is at 26%. Not sure on my 2 credit cards though.
Is that supposed to say 3.45%?
Normally it's good to get a very small emergency fund available before tackling debt, but if you have something that charges more interest than your credit card I'd suggest tackling that first. The idea of an emergency fund is so you don't have to put an emergency bill on your credit card. HOWEVER, you're not going to be earning anything to speak of on that money, so it would actually cost you less to pay down a higher interest debt and if there's an emergency you may have to fall back on the credit card. It happens, just don't do it unless you have to and this route makes sense.
If it makes you feel better to have a few bucks set aside instead, then there's nothing wrong with that. Just be aware it's not the most economical option.