Submitted by Bloody_Biscuit_Balls t3_z2qf5p in personalfinance
Brief overview; I have roughly 5200 in credit card debt (one card, Capital One) as a result of various expensive emergencies in the last year. My card is zero interest until April of 2023, and even if I put every extra penny I earn into it, I won’t be able to pay it off in full by then.
I have about 3500 in stocks through the Stash investment app, and I was considering just selling everything to put a huge dent in my credit card balance.
Additional possibly helpful information; my girlfriend and I are moving out of state in July/August of 2023 and my thinking is having a paid off card in case of any other emergencies would be super useful. Paying my card off would also let me put more money into savings/car loan as well. I also have a company funded 401k with about 12k, however I don’t want to touch that at all if possible.
Just trying to think of any potential downsides to selling the stock and paying the card off faster (aside from the fact that the stock price may increase). Thanks in advance for any insight!!