Responsible Ways To Use A Monetary Gift
- By
Julia Austin
Source: Peter Dazeley / Getty
Should you pay off debt with your gift?
DeFreitas recommends paying off “The highest interest rate loans or credit cards,” should you choose to use your money to pay off debt. “My advice is to tackle one loan or credit card debt at a time but to continue to pay at least the minimum on all loans until you’re rid of all debt.” Experian reports that the average credit card balance of an American is a little over $5,000.
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