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Additional Details
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wc_racer | Which should I pay off first Motorcycle loan or Credit Card? |
I just got back $2500 on my taxes, I'm going to use it to pay a good amount off but which one should i put it towards to? I have a bike that I owe $3523.99 at 7.25% or the CC which I owe $6023.33 at 5.9%?
OR should I use it to pay off two 0% APR cards in which I could use that extra money towards the big card?
Thanks |
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THE_Sparkchaser ATL
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MATHMATICALLY< you would do better to pay down the one with the highest interest rate. But, getting out of debt, and it would appear you havequite a bit of it, is about MOMENTUM. It's called a debt snowball (can't take credit for that one, it's not mine); you line your debts up smallest to largest, then attack the smallest one with intensity. Pay the minimum payment on the rest until you get the smallest one paid off, then tkae that payment and roll it into the next largest. As you move through your debts, you have larger and larger amounts to put towards the bigger debts, which has teh effect of keeping you motivated AND somewhat negating the math arguement. When you have them all paid off, DON'T USE THEM ANYMORE!!!!! How nice would it be to get a large sum of money, like a tax refund, and NOT have to give it away immediately to someone else, but use it for WHATEVER YOU WANT, like, oh, I don't know, a vacation that you have wanted to take for years, but couldn't because you were worshipping at the altar of American Excess and MASTER card (no, that is NOT a typo)??
Pay cash, or don't get it. You survived this long without it, why do you think you hae to have it RIGHT NOW to go on living?? |
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momof3
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If the credit card's interest rate isn't ever going to go up, then I would put it toward the bike. You always want to pay the one with the higher interest rate first. Also, make sure you pay off the ones at 0% before the intro rate is over.
I would also advise you to stop having so much stuff on credit, especially with a possible recession coming. Now is the time to focus on getting your debt paid off!!! Don't buy anything you can't pay for. Good Luck! |
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bdancer222
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Even tho the bike has the higher interest rate, put all the money on the 5.9% credit card.
Work on paying off that credit card first, then the other cards. Carrying credit card balances of more than 30% of your available limit will kill your credit score. And you never know when the credit card company will take a look at our credit report and decide to raise your interest rates. |
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♥ Emily ♥
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I would pay bike off first, it has a higher rate and the money that you were putting towards the payment of the bike you can now apply to the big credit card.
Also watch those 0% cards, thast is probaly just an introductory rate. Payoff those balances before the rate goes up
Good Luck!! |
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jstr12001
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sell the bike...pay off what you can on both of them..get a great push bike and live longer as well :) |
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Sweet-pea
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How much is your bike worth? Do you have decent credit? If the bike is worth at least $7,000 the best thing to do would be to take your bike and get it refinanced for $7,000 as long as the interest rate is not too high. If you are a member of a credit union, those are best. You can finance the bike for $7,000 and pay off the existing bike loan of $3,523.00, and payoff the credit card with the difference of aprox. $4,500.00 you get from the loan and $2,500 you get from your taxes. This will leave you only paying on your bike which is a simple interest payment. The credit cards are BAD, they have compounding interest. You pay WAY more on credit cards. Hope this helps! |
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sina_gumina
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Payoff the bike because it's at a higher interest rate and it knocks off a big chunk.
Don't mess around, write over 100% of that check. You'll love yourself for it later!! |
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bmw3961
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depending on what your limit is really if they were both like a simple 1000 dollar limit than go with the credit card
but if theres a smaller gap between the limit and the amount owing go with the other balance dude save some money |
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Velvet Brooks
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split it in half and pay on both the card and the bike. |
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Steve R
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credit card. + you shouldn't buy anything when you are in debt |
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john
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I would put it on the cc first .credit card companies can and will sell the debt to another company and raise you interest, also if you happen to make a late payment one time the cc interest rate can quadroople. |
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awalton60
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I would use it to pay off the 0% cards cause if u dont pay them then the apr will go up and never go down :) |
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Bryan B
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Start big and work your way down. Even though the interest is higher on the Bike, you will pay more interest onthe higher CC. |
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lazyike
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whichever has the higher rate as long as the payment is reasonable for the other liability |
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Gill
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Credit Care... |
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Joey H
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CREDIT CARD |
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