Red Wing
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Usually you pay off the highest interest rate first regardless of its balance. |
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PiNkY
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According to Dave Ramsey (Financial Freedom University) you will always have a car note and a mortgage, so go ahead and pay off those student loans.
Kudos on paying off your credit cards! Yay you! *clapping* |
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I Like Stories
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The car loan. The interest on student loans and the mortgage are tax deductable. |
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proud nerd
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Congrats!!! That's great! I would go for the car loan next. Mainly because that's most likely the smallest, and will give you a sense of accomplishment to get it paid off. More motivation for the next debt. student loans and a mortgage could take YEARS. |
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CrackBerry Addict
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If you are strictly looking at the math of the issue then it would be the highest interest loan that should be next. However, for me, I go from lowest balance to highest. That way I feel like I am making progress.
For instance, if I had two loans I had to pay back, one being $1000 and one being $3,000, I would want to knock out the $1000 out first even if the $3,000 one had a higher interest rate. Once the $1,000 one was gone I would be more motivated to continue on. Again, that is just how I feel. |
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Shop-o-holic
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car loan
student
mortgage |
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Amy
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i agree, the one with the highest interest rate..... that's the one that's costing you the most money. |
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CLAUDZ
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hey good!! congrats!!
I agree you should do the one that has the most interest |
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llselva4
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Student loan and car loan. Congrats on paying off your credit card loans. Try not to use them again! Double the payments on your student and car loans or add an extra 50 - 100 per month. It makes a big difference. |
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jujubeee
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according to dave ramsey you should pay off the debt with the lowest balance first regaurdless of the interst rate. then after you pay that off you move to the next smallest bill --its called the debt snow ball. you should read dave ramseys book "total money makeover" its a seriously life changing book. good luck being debt free is an awesome fealing! |
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Courtney K
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Without analyzing things like interest rates- lenght of the loan, and principle left, typically when I teach Get Out of Debt Seminars and Workshops, and based on typical scenarios,
Car, Mortgage, Student Loans.
Courtney Kostelecky
Founder DebtFreeNews.com |
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happy_mommy1245
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Car loan |
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Shana B
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Car for sure. |
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paobay
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Student loan - the faster you pay off the less interest you need to pay.
Car loan - depends on what type of loan you have, some loans calculate interest with priciple together, and give you the fixed monthly payment, no matter how soon you paid off, you are paying same amount of interest.
Mortage loan - is the long term loan, so you paying interest at beginning years, good for your tax benefit.
The best way, if you have enough equity in the house, then get a loan than use the loan to pay off the other two. Because the interest you are paying will be tax deductible and you have a longer term to pay off. |
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Thebronx
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Join the Air Force. |
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GJ
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amazin is right but to piggy back. You could knock out a car loan. or student loan (not sure how much you owe) In any case, whenever you pay, say your car loan is 250 a month. Send them 275 or even 300. That extra money is all paid to principal and you can pay it off earlier, cheaper and not lose all that money to interest had you stayed on your "scheduled" payments. |
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runnin w' scizzors
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Two ways to approach this. You can pay on the debt that has the highest interest or you can pay down the debt with the lowest amount due. Of course, paying off the highest interest saves you money. Paying the lowest deficit amount allows you to pay off a debt quicker and get on to the next one. The exception is the mortgage; since the interest is tax deducible I would pay it off last. |
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god knows and sees else Yahoo
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You must save for RETIREMENT
Plus a nest egg of 3 months emergencys.
Pay all three, they are all important, If the Mortgage is 5 or 6% then therews no rush and you can always re finance and incorporate all into a NEW Mortgage |
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mexican boy
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car loan you dont want them to take your wheels away |
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trinisugar
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Mortgage because it helps you build equity, the others will improve your credit score but having equity allows you to borrow in case of an emergency, you won't get that paying back your student loans. I would pay a little on everything but more on the mortgage. You can always borrow against the house at a lower interest rate and pay back the other loans and probably get a lower interest rate. |
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vinesh d
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u r students loan and it depends on your repayment capacity... buddy better u finsh that as ur mortgage n auto its not that costly i mean the interest rates.... after that try to finsih ur mortgage then ur car loan k |
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Preston B
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That depends on your rates. I would say most likely the car since student loans and home loans usually have pretty low rates. Also the interest on the home is deductible so that would be last to pay off. |
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Lexie
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I would go f the student loans because every one that I know is still paying them off at the age of like 40 and 50!!!! |
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Lily 2
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If you can afford to pay one off at one tie or sooner than required do the student loan. Paying off those suckers really gives a boost to your credit and it makes you look responsible when someone sees that on your credit report |
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coolkid22
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student loans dude...those things can kill you someday. |
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Ask M
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car - you never know when you'll need a new one. |
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akfortyseven
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student loans |
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Dreamma
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CAR LOAN
STUDENT LOAN
THEN MORTGAGE |
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Archer10002
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If you pay of the debt with the largest interest rate then in the long run you will have saved money. |
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Darlene C D
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and how much are each of them that you owe for ?
the reason I am asking you this is because if the paymint on each one of them are not high then maybe you can pay on the three of them but if that is not the case .then I think this is where your gone to have to deside which one you need to tackle for only you know which one. |
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FurtureHacker
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one w/most interest or divide ur money and pay a little of each |
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