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Updated over 6 years ago on . Most recent reply

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Oscar Maciel
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Credit card debt vs available cash

Oscar Maciel
Posted
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!

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
41,073
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28,065
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied

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.

  • Nathan Gesner
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The DIY Landlord Book
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