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2

There is no point whatsoever in hanging on to cash as an "emergency fund". The fact that you have access to a large overdraft and a couple of credit cards gives you a source of funds in an emergency, and gives you even more if you get those paid off. So it always makes more sense to pay off debt than to hold on to money. Here's what I think you should do. ...


6

This debt didn't make itself. I am concerned that if you pay down this debt, you'll simply borrow again soon enough, and you'll be right back on the debt treadmill. Suze Orman used to preach "3-6 month emergency fund" like everyone else. And then in 2008 when the market tanked, all she's said since was "8 month emergency fund". When you've fallen back ...


7

I have three debts: 6500 GBP overdraft (APR 35%) 2500 GBP PayPal credit (APR 19.9%) 1600 GBP Amex credit card (APR 23.5%) I have more debts than you (four of them, not three). My smallest debt is way larger than your largest debt. Guess what? None of my debts has more than 3% interest rate. Get rid of these debts! As soon as possible, I ...


44

Keeping some liquid cash is sensible, but the exorbitant rates on your debt will hurt you long-term. Pay them off as quickly as safely possible. Since you have high-interest debt, getting rid of that debt is more important than maintaining a large emergency fund. Having both savings and overdraft fees is illogical. However, I understand that you'd rather ...


18

If you are sure they'll let you overdraft your account again, then for Heaven's sake get rid of that ridiculously high APR of 35%. Keep the rest as an emergency fund. 500 GBP is not much, but more than nothing. Then gradually get rid of the other debts, if only with the 150 GBP/month you just saved. This makes you get rid of the Amex debt in 10 months and ...


0

I don't have a deep understanding of economics so take this as a perspective from the stock market side. The numbers vary but from what I've read (averaging what the different stories indicate), the 2016 tax cuts allowed corporations to repatriate something in the vicinity 750 million dollars of foreign profits and pay a much lower tax on that money. ...


2

There is no different tax treatment for a paid for home versus a home with a mortgage. As a big advocate of not borrowing money for any reason, I can only think of one disadvantage of having a paid off home. Assume you currently own a home with a 100K mortgage, and enough cash to pay off the mortgage, in fact you have 500K in cash. But you want to ...


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