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mrfcn02 | Which debt to pay first with my bonus? |
Ok situation is $6000.00 4.9% interest rate car loan with 1year to pay @$500 per month. or $20,000 credit card debt @ 7% payments about $500 per month. I will recieve a 10k bonus net, do I pay off car and apply extra $500 car payment to credit cards or apply the whole 10k to the credit cards?
My preference is to pay off the car and apply extra to the credit cards.... Thoughts y'all Thanks |
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shellanswerman
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WRONG WRONG WRONG, it's not just the interest rate!
You pay the one that is ACCRUING INTEREST AT THE HIGHEST RATE.
The car loan accrues interest at 6000 * .049 / 12 = $ 24.50 per month
The credit card debt accrues at 20000 * .07 / 12 = $166.67 per month
In this scenario it is obviously the credit cards because the interest accrues fast, but it is the the interest rate AND the amount of debt that matters.
good luck with that. |
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bdancer222
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Put it all on the credit cards. The credit cards have a higher interest rate. |
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DCK2003
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In your situation, pay off the credit cards. They are at the higher interest rate and will take a shorter time to pay off in the long run because it is a smaller debt. I noticed you did not say anything about an emergency fund. Put a 1,000 aside if you have no emergency fund or savings then apply the rest directly to the credit cards 9,000. If you have some savings go ahead and apply the whole 10,000 to your credit cards. |
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petey00petey
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if you pay towards the credit you will gain enough saved interest payments to make 2-3 car payments |
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Liz A
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I would pay off the credit card first. It has a higher interest rate and as with all credit cards, that rate can go up yearly as credit cards are always amending their agreements. |
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bluebearstuff
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you should always pay off the debt that has the higher interest rate. if you can transfer you credit card debt to a 0% interest for like one-two year, pay off the car loan first and maybe next year's bonus check will help down the credit card. it always smart to pay of the credit card though. |
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Erin
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It would be ideal to pay off the car right away, but paying the credit cards first can be helpful to both you and your credit!!! SO I'ld personally suggest the credit cards! |
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Milou
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Pay off the credit cards, |
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me_nilakshi
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i think u should pay off the credit card first coz the interest rate is high |
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Steve U
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Here are some ideas:
I am assuming that you are making regular payments totaling $1,000 per month on the debt right now. If I was looking at paying off debt, my first concern would be to eliminate as much interest payment as possible since the interest you are paying is making someone else rich.
A great plan to the debt and interest payments as soon as possible is to pay off the higher interest debt first, the credit card at 7%. Here is how the math works.
Please note that the math below is not exact. It is to show how paying off the higher interest debt first saves lots of money.
The monthly interest on the credit card debt is $116.66/month.
The monthly interest on the car loan is $24.50/month.
By paying off half of the credit card debt, you would save $58/month in interest payments that can be applied to directly to the credit card principle to pay it off faster.
You would save about $360/year by paying off half of the credit card debt.
Why not treat yourself to a nice dinner with a friend with some of the saved money? |
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bluefishbig
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You answered your question, but you just wanted to see if other people would comfirm your thinking. Also don't forget about any tax refunds.
Good luck paying off the bills |
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I love my baby boy!
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Pay off the credit cards first, but keep up to date with the car payments. Credit card debt is BAAAAD. |
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Jeanne R
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If you don't have an emergency fund of at least three months of expenses, then the first thing you should do is to set one up right away. While it would feel good to pay off the car first, I would pay on the credit card since that has the higher interest rate. You will still have the car paid off in 1 year, and then you can use that $500 per month to accelerate the payoff of the credit card debt. |
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kinder
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i agree with you then you will have the extra money every month to apply to your credit card |
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Lucia
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Try paying Half and Half in that way the interest on both accounts will drop some . Or if you prefer pay it all to the one that have the highest interest and higher total amount. |
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