What do you think is better to do if you were $100,000 in debt with credit cards

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  1. word55 profile image72
    word55posted 3 years ago

    What do you think is better to do if you were $100,000 in debt with credit cards and bills but then

    you either won it or received a $200,000.00 inheritance? Would you pay off the debt and bills or ignore them and enjoy spending the $200,000?

  2. Say Yes To Life profile image80
    Say Yes To Lifeposted 3 years ago

    I would pay off the debt and INVEST the other half! After accumulating a million dollars, I'd put it in a coupon bond and retire, living off the interest.

    1. Austinstar profile image85
      Austinstarposted 3 years agoin reply to this

      What's a coupon bond?

    2. word55 profile image72
      word55posted 3 years agoin reply to this

      Good super plan Yo! That would be a very wise thing to do with and receive 7th heaven blessings :-).

    3. Say Yes To Life profile image80
      Say Yes To Lifeposted 3 years agoin reply to this

      Word55 - thanks! Austinstar - a coupon bond pays you interest on your investment.  Rather than grow your savings, it is ideal for retirement income.  A million dollar coupon bond at 5% will pay you $50,000 a year for as long as you hold it.

  3. BumblelyBee profile image79
    BumblelyBeeposted 3 years ago

    Well I'd rather win obviously coz inheritance usually means someone has to die. I guess pay off the bills because interest and you still have $100,000's left may as well get rid of the nagging capitalists then spend the remaining $100,000 trying to be as self sufficient as possible, in an attempt to not get back into debt or need them again, get a plot of land and some kinda moveable home which can just travel in, do a bit of work for food, document the travels and hope that it helps to fund further travels when the last of the money dries up, if not return to the self sufficient plot of land and get a part time job till figure out something else.

    1. word55 profile image72
      word55posted 3 years agoin reply to this

      Sounds like a wise thing to do BumblelyBe. I'd rather win too.

  4. dashingscorpio profile image88
    dashingscorpioposted 3 years ago

    I would use it to pay off my debts.
    There's nothing like being debt free!
    I would invest and save the remaining $100k.

    1. word55 profile image72
      word55posted 3 years agoin reply to this

      I like your answer dashing. The the way to do and feel.

  5. LoisRyan13903 profile image81
    LoisRyan13903posted 3 years ago

    I would pay off the debt because I would get sick and tired of having credit collectors calling me constantly.  I would keep some money in my checking account and regular saving, then put some in prosper and sharebuilder-maybe 25K each and put the rest in a money market account.  Then I would increase my 401K at work to 50% of my paycheck-currently at 15%.  That's why I would keep some money in my regular checking account.  Maybe I might invest more that 100k but just get my debt low enough so it can be easily managed with paying extra each month and get the rest of it paid off in a year or two.

    1. word55 profile image72
      word55posted 3 years agoin reply to this

      Those are some good things to do LoisRyan. I can appreciate doing that myself. Great ideas!

    2. LoisRyan13903 profile image81
      LoisRyan13903posted 3 years agoin reply to this

      For me I would pay off my credit cards-which is about 1K and my car payment then apply those payments to the rest of the other bills

  6. Michael-Milec profile image60
    Michael-Milecposted 3 years ago

    A $100,000 - is extremely large amount money to be in debt! I am not stupid enough to charge and not to pay within shortest time possible. Thus if "IF" I owe I have to pay back, "IF" I Inherit and I owe, the amount I owe is NOT my money. I am not a thief who steals by lying that I would pay later and I don't. "No liar shall inherit the life eternal..." Thank you very much.
    Secondly, for enjoying myself I do not need another $100,000- I am very  happy and blessed as I am, sometime I have $2.00 - a day self prepared meal and the joy of the Lord is my strength. (Oops , off subject...)

    1. word55 profile image72
      word55posted 3 years agoin reply to this

      Hey Michael-Milec, all that you said makes sense and is all good. Glad you brought the Lord into it.

    2. LoisRyan13903 profile image81
      LoisRyan13903posted 3 years agoin reply to this

      It's easy to get that much if you have a mortgage and college debt.  But true a few dollars a day is all we need

  7. Dana Tate profile image87
    Dana Tateposted 3 years ago

    absolutely pay off my debt and invest the rest. If I ignore my debt it doesn't go away it just increases in interest. I would hate to blow through 200,000 and then still have debt looming over my head. Strangely though, people have done just that.

    1. word55 profile image72
      word55posted 3 years agoin reply to this

      Yes Ms. Tate, you have the right idea and yes, some people would rather catch up on some things that they really want but paying off the debt should be the first priority.

  8. feenix profile image60
    feenixposted 3 years ago

    I would pay off all of my debts and donate most of the remainder to charity.

    1. word55 profile image72
      word55posted 3 years agoin reply to this

      Ok feenix, that sounds like a generous idea. Doing just that does have its rewards and mega blessings! I Like that!

    2. feenix profile image60
      feenixposted 3 years agoin reply to this

      Thank you very much, word.

 
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