coolariesgirl (coolariesgirl) wrote in thequestionclub,

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ANOTHER tax refund question!

My tax refund is going to be about $1600 this year. What would be the smartest way to spend it (of the following choices)

1. Pay off (in full) a credit card with a balance of $1050, split the rest between my high yield savings and US Savings Bonds for my kiddo.

2. Use most of it to pay part of a credit card with a balance of $4800 ish, even though last time I made a big payment to that card they actually LOWERED my credit limit to within a couple hundred dollars of my balance (long story... it was a secured card, when they gave me back my deposit and switched me to a regular card, they upped my credit limit too... then even though I had a stellar paying record with not only that one, but the only other card I had at that time, they "re-evalutated my credit situation" and decided I was only eligible for the lower amount... BOY was I mad!)

3. Put the whole shebang in the high yield savings and/or bonds for the baby and just continue paying my cards down as usual. (my husband owns his own business and we budget for paying more than minimum, but when he has extra money we use it for credit card payments)

4. Any other ideas?

Thanks in advance :)
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