Invest?  meaning its money your willing to lose.... or save for your future?  If you want to save money for your future. Put it in a matched 401K associated with your job. Contribute your max each year, especially if your workplace matches it.  But dont stop there.... Open up a Roth IRA, protects your money for the future, much higher yield than putting it in a savings account, and with companies like Fidelity, you can start by putting in as little as 50 dollars a pay period. By the time you ready to, send kids to college, retire... go on a kick ass vacation? whatever. Youll have the funds from your IRA without having to dip into you daily accounts.    Good Luck! ... View more

After 7 years it will be dropped. It makes no sense to pay it, after it already goes to collections and impacts your credit score, because even if your paid it off, the company will not remove it. (i learned the hard way).  After 7 years it is removed, and cannot be placed back on.  Good luck.  ... View more