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Additional Details
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Tom C | Should I pay off my credit cards or car loan? |
I just came into about $20,000 and I want to be smart with it. I know paying off debt is probably the first thing I should do with it. My question is, what do I pay off? I owe $17,500 on my car and the APR is 7.44% ($475/month car payment). I also owe about $12,000 on my credit card with an APR of 9.24%. I know the car payment has a lower APR but part of me would just like to be done with the car payment, knowing that I will probably always have a CC payment even if I am able to pay it off completely every month. Anyone with any suggestions?
Thank you!
Additional Details
Just so everyone knows, I really came into $30,000 and have already invested $10,000. |
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CygnusX1
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Pay them both off and get out of debt. APR doesn't even enter into this calculation. If math was your strong suit, you would not be $30,000 in debt. If you drove paid for cars and learned to live without credit cards you would be asking a different question. Probably, 'I just came into $20,000 and want to know where a smart place to invest it would be?'
First, set aside $1,000 for a starter emergency fund. This will help you cover small emergencies while are getting out of debt instead of having to pull out credit card.
Next, pay off all the credit card debt, then cut them up, cancel them, and never use them again. Learn to live on less than you make and pay cash for stuff and you will live a debt free life. Don't listen to all the crap about FICO scores. It is an "I love debt" score and in debt is not a place you want to be anyway.
Finally, sell the car! The payment is ridiculous. Use the proceeds from the sale and some of what you have left (because you're probably upside down on this car) to pay it off. Then take some of your remaining cash to buy a good used car to get around in. Then pay yourself $475 a month to save for your next car and continue to move up in car while you pay cash for them. Keeping a car payment is a good way to stay middle-class the rest of your life. Cars are the biggest thing that we buy that go down in value, so only pay cash for them.
Do this and the next time you come into money, you will be able to invest it for your future. |
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arch0049
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Pay off the credit card and then get some serious help... LISTEN TO WHAT YOU JUST SAID...
"I know the car payment has a lower APR but part of me would just like to be done with the car payment, knowing that I will probably always have a CC payment even if I am able to pay it off completely every month."
- - -
I am not trying to be Dr. Phil. But, in 17 days, I will be Credit Card DEBT FREE for 1 year. IT IS THE BEST FEELING IN THE WORLD.
Many people get themselves into the same whole you are in (I was in it). I had 10,000 in credit card debt bills. But, this past 12 months has been one of the best years of my life.
Pay off the credit card debt, and do something to keep it from coming back. Maybe confide in a friend, frame your monthly statement that has NO BALANCE, see a therapist, cut up your cards. But, DO NOT FALL BACK INTO THE TRAP.
Think about all the things you bought with those cards? Could you not have saved up and bought some with CASH by waiting an extra two weeks/month/three months?
In the past year, by not sending my credit card companies 400 dollars a month... I have used that money to save up and it helped me...
- Go to Turkey and Ukarine
- Got to NYC
- Got to San Fran
- Got to San Juan, Puerto Rico
- Dropped the debt on my car loan from 10,000 to 3500 (and it will be paid off by sept 1st).
- Bought a new (well used) big screen television...
ALL ON CASH. I stopped purchasing frivilous crap on credit cards, and started sticking to a strict budget. And, NOW I FEEL IMPOWERED. I RESPECT MY MONEY, BUT I DONT FEAR IT.
Think, if you pay of the credit first, that leaves you with 8000. Split that in two. Pay 4000 towards the car. Then, take 2000 and stick it in a savings account, or investment or retirement account. Take 1000 and go have a good time. Keep the extra 1000 in your checking account for expenses that come up over the next two or three months.
This way, you get ahead and knock out the credit cards; you make knock out almost 20% of your car loan; you invest in your future; you reward yourself; and you leave a pad so you dont have to fall back on credit cards.
CONGRATULATIONS AND GOOD LUCK... Please listen to me. It will be the best financial move you will ever make. |
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Patricia S
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By all means, pay off the credit cards with the higher interest rate. If you pay off the car loan, you're still burdened with the high interest on the credit cards.
Put a chunk against the car loan and perhaps take out a short term CD with some of the remainder. Try to keep some out and put it in your checking or savings account.
Then try to use some restraint and refrain from using your credit cards unless it's absolutely necessary.
If you make it a habit to pay off your card balances monthly you'll be on the road to financial recovery and stability. You're gonna like the feeling.
The best of luck to you. |
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S P
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Definitely pay off the credit cards. In a financial emergency you could sell the car and pay off the loan, the credit cards are just useless debt. If you want to use the whole 20,000, pay off all the cc debt and then put the remaining 8,000 on the car leaving 9,500 to pay off. You could then refinance the car note to a lower monthly payment and lower rate. Finally, take what you would have paid on the credit cards and pay it towards the car as well as the normal monthly payment, the car will be paid off in alot less time and then you will be debt free. |
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delta
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pay off your credit card first. it is more expensive to pay interest ( compounder ) than to pay interest on a car loan ( fixed ) . pay off your credit cards debts fast |
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dlmrgnk
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Do some thinking. On which of your loans are you paying the higher interest rate? Pay that (or those) off first. |
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Tomel
 |
I'll provide a very different answer to your question than most of the responders thus far.
First, from a PURELY financial perspective, it's always better to pay off the debt that bears the highest interest rate -- in your case, that's your credit card debt.
HOWEVER (that's a big however), if there is a reasonable possibility that you may encounter a financial crisis in the near future (for instance, you're working for an employer who is struggling and laying off employees), it might be better to pay off the auto loan. Why? If, for some reason, you can't make payments on your auto loan, the bank or finance company will repossess your car. If you can't make payments on your credit card, there's nothing for them to repossess (credit cards are considered unsecured loans because they are not tied to a specific asset like an auto loan or a mortgage). In either case, the lender will report your default to the credit agencies and will undertake actions to recover their money. However, in one case, you'll still have your car. In the other case, you'll be walking.
If I had your $20, 000 and your same debt profile and was concerned about my job or some other financial problem, I'd probably double or triple up on my credit card payments to try and pay them off over the next year or so and bank the rest as an emergency fund. That way, if a financial crisis hits, I could could continue to pay my auto loan and the minimum credit card payment from my emergency fund until I could resolve the financial crisis. It's always good to have an emergency fund to tide you over in bad times and to avoid trashing your credit standing. |
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Ollie G
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Hello my friend,
After giving your situation some thought, I think you should pay your car off first and then put the rest on your credit card. My reasoning is that, if for some reason you can't make the payments anymore, it will be your credit card that goes bad. You will still own your car. Normally I would have advised you to pay off your highest interest loan first. But keep in mind that we are talking about less than 2 percentage points. Also, you can now take that $475 every month and pay down your credit card (add that to what you have already been paying on you card for a faster pay off).
I hope this helps.
Ollie G |
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MadMan
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Pay off your credit card as it has the higher APR. But do not close the card down - that will hurt your FICO.
Unless you have maxed out already, use some of the remainder to start/add to an IRA. |
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Big daddy
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The credit cards make the most sense as your saving 2% if you pay them off (but do not close out), but here's where most people go wrong, they pay off the credit card and then go out and rack up more debt. It's much easier to pay with a credit card than it would be to pay off the car and then buy another car. You probably wouldn't do that would you? Why not pay down the cc debt, put down 3-4k on the car and then put the rest into an IRA or at least a bank money market to start a nest egg. It's good to be smart right now but make sure your smart in the future as well, best of luck |
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nomad
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You quoted your credit card APR as 9.24%, I dare say
it can not be as low as this. Please check. I think it is much
higher than that.
Whatever the case, It is always senseble to pay off the
credit card loan at the first available opportunity. In that
way you can borrow in future if you need to. |
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Boomie .
|
Yep, I agree with S P.
Pay off your CC first: 1. higher APR and 2. even though you'll always have CC debt but now you can start all over. Whenever you put anything on a card, make sure to pay all off at the end of the month or next billing. That way, you keep a fresh start every month and will keep on being CC debt free.
Then pay off Car: 1. lower APR and 2. because one day, it'll just pay off. 475/month will no longer be there. It's also an asset that depreciates so even though you pay it off now, doesnt mean that its value increases. The payment is stable, regular and recurring so it's easier for you to make a budget as you KNOW you need to keep 475 for your car instead of having that 475 extra and do nothing with it.
Other suggestion: have you consider investing? After CC paid off, put part of it on car if you want, and leave the rest few thousands for investment. I'm not talking about savings (lower than 3% interest, not interesting!). Meet with your bank advisor. |
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carl
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pay off your credit cards first so you can increase your credit limit again and can make purchases.... |
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Marko
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First plane to Vegas baby $20,000 on black..... Sorted |
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