CEOs Anticipate Near-Term Recession
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recessionMoneywise
•Business
Business & Economics
I just inherited $10K — should I use it to pay off my $9K credit card debt or keep it for my emergency fund?
67% Informative
62% of CEOs now anticipate a slowdown or recession in the next six months , up from 48% in March .
Paying off debt and boosting savings are both smart moves at a time like this.
A $ 10,000 inheritance could save you from having to add to your credit card balances and rack up even more interest charges.
But paying off debt solves one problem, it could open the door to another.
Putting $ 5,000 toward your debt still leaves you with a $ 4,000 balance, which is not a small sum.
40% of Americans can't cover a $ 1,000 emergency expense from savings, according to U.S. News & World Report .
Ultimately, all of the choices above are financially responsible ones.
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