'My cousin has $8,000 in credit-card debt with 20% APR. She has $5,000 in stocks. Should she sell them to pay the credit card?' The Moneyist has some advice:
I have been helping my cousin organize her finances and wanted to get your opinion on two issues:
I didn’t want to force the cousin to sell the stocks, so I posed the question: “Do you think that your stocks have the chance to appreciate more than 20% by next year?” She answered yes. “It’s highly unlikely that your cousin will have cherry picked her stocks in such a way that they will lead her to returns of 20% or more over the next year. She’s not Warren Buffett, after all, and even the “Oracle of Omaha” makes mistakes.”
The ideal solution: Transfer the balance to a new credit-card account with 0% interest for the first 15 or even 21 months, and to pay it off aggressively: Don’t order Starbucks; don’t go to restaurants; shop in bulk; and wherever possible, buy generic brands, which are usually cheaper even if some consumers don’t like how they taste. You can help her along the way, keeping her accountable.
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