Question

Debt payment question.  I see lots of you posting about making large lump sum payments of your credit cards!Debt payment question. I see lots of you posting about making large lump sum payments of your credit cards! Like hundreds or thousands of dollars at one time! So my question is. are you paying your monthly payment and then using a shrinking fund to save for the large lump sum?  

Answer 1

Huh. interesting question. I'm curious to see what everyone has to say

Answer 2

This is bonus season so many people use their bonuses to pay debt.  

Answer 3

After my husband and I pay everything, we have extra $2500 a month for debt so I think it just depends on people’s bills to income a month too. Anytime we have extra money, little or big, we make a payment. I don’t save anything to then make a large payment later.  

Answer 4

I just paid what I had left after budgeting and paying bills as my debt snowball

Answer 5

We just pay minimum on our cards except one and pay what we have left on that one card. This time we paid $700 on it.  

Answer 6

We pay our regular minimum (on autopay) and then anything extra we make an additional payment at the end of each budget period. This time of year we have been able to make some big payments due to bonuses and extra income that we don’t normally have.  

Answer 7

We waited until the end of the month to make our large payments just in case something came up