I'm 35 years old. Salary is 55k plus a bonus. Stats:
>$20k in cash in savings
>$50k in retirement accounts
>$6900 in CC debt
>No other debt
I'm considering moving over the money from my savings account over to my CC to pay it off. I've been making payments and I was able to get it down to under 6000 and then a pet related emergency bumped it right back up. I'd rather invest that monthly payment into mutual funds or something. Wise decision? Part of me feels like this is just an excuse for me to spend more and charge up my card again. Discipline will be key, I know. I can do it. And then once the balance is zero, do I close it and open a new one? I've had the card since I was in my early twenties and my limit is $37000.

>>33325571 (OP)
Yes pay it off, the interest rates are exorbitant so its just momey going out the window. You should only keep a balance on your cc if its necessary due to an emergency. If you can pay it off each month you should.

>>33325571 (OP)
The only time you should use your credit card is if you intend to pay off the balance at the end of the month before the grace period ends or if you are in dire need of cash. In any other case, you should just pay cash.

>>33325571 (OP)
>$20k in cash in savings
>$6900 in CC debt

>>33325968
That's why I'm asking for help :( I know it's pretty late in the game for me but I'd like to put myself in a position to start building wealth.

>>33326095
How come it is so difficult for your Burgers to handle money?
Here's what I, a Kraut from very far away, would say to you:
>pay off CC debt with cash savings (as another anon already said, paying interest on this if you have the cash is like pissing money away)
>install Robinhood app on your phone
>get Robinhood gold
>apply for Robinhood credit card
>enjoy 3% cashback on (mostly) everything
>transfer rest of cash savings to Robinhood and enjoy (comparatively) excellent yield on idle cash
>start to DCA into simple investments
on the last point: there's where you get at least 27 opinions for every 5 persons you ask.
I'd keep it simple: DCA into simple things like index fonds. At a pace and magnitude of what ever you think you can afford and feels good to you.
A portfolio of only 4 different ETFs can build wealth for you. (the four I would invest in myself, look up what they do: #1 SPY or VOO / #2 QQQ / #3 VIG / #4 DIVO; that's basically the S&P 500 index, the Nasdaq 100 index, a dividend aristocrat/appreciator index, THE ONLY covered call ETF that has stood the test of time)

and last but not least:
>DO NOT TOUCH YOUR RETIREMENT.
>SIMPLY DO NOT!

Ask what others think of this.

>have the money to pay off debt
>doesn't
Are you retarded?

if you think about it you'll be earning more interest on paying off your card than a mutual fund: probably something like -20% vs +7% at best. The difference is clear.
you could also probably get a balance transfer

>>33325968
>work out how much interest you are making on your savings (A)
>work out how much interest you are paying on your CC (B)
If B > A, (it is) then pay your CC off in full immediately

>>33325571 (OP)
What’s the interest rate on the credit card

>>33325571 (OP)
Think like video game.
You have debt that grows and savings that don't.
You are better off having no debt.

>>33325571 (OP)
Your savings are making 1% or so. Your card is charging in the area of 20%. You are losing thousands a year.