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What makes sense to pay first?

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kess527

Joined: 12 Apr 2008
kess527's page
Posts: 1

46 Magic Points

Subject: What makes sense to pay first?

Sat Apr 12, 2008 3:57 pm

I have $52,179 in unsecured debt. My credit score is 713 - 750 depending up who reviews and why. I have a car loan that is $5536/$442 month payment (no interest left to pay). I have 16,000 to use to pay off some things and need to decide what to pay off first. I am tempted to pay the car off and put the balance on one of the credit cards. Then put the $442 month in addition to normal card payment.Is this a good plan? If so, which card first? I have multiple rates on cards. For instance Chase is a $20k balance with rates (3.99/6.99/10.99) thank you in advance for your time and consideration. Capital One is 6658 at 0% interest for a while yet. BA is 10225 at 1.99%, Citi is 3476 at 11.90 and 11477 at 1.90
I have conventional mortgage payment 1278/mo
and home equity loan $20k left,need to refinance or pay off in Aug of this year

Morningstar

Joined: 17 Apr 2007
Morningstar's page
Posts: 609

40 Magic Points

Mon Apr 14, 2008 10:09 am

Me, I'd pay off the HELOC, then the car (I prefer to pay off secured creditors before the unsecured), then the cards with the highest interest rates.
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I don't dream since I quit sleeping

cbass1017

Joined: 01 Feb 2008
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Posts: 89
Location: PA

353 Magic Points

Tue Apr 15, 2008 2:45 am

I would absolutely pay off your HELOC first as well. If you consider the housing market and the tougher restrictions for refinancing, even though the rates are coming down, the less debt you can have against your home right now the better. Although I am sure it is tempting to pay off your car first and free up that monthly payment.
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Scott McKay
DiYCreditGuide.com

sdchargers_63

Joined: 13 Aug 2007
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Posts: 891

2654 Magic Points

Subject: debt

Tue Apr 15, 2008 11:44 am

I have a few thibgs that will 'fall-off' this year. However.......MOST of the debt I have, on my CR is Non-secured. Some from CA's,etc. A few credit cards ( with about $300.00 limits)..that I just couldn't pay. I have a school loan in 'Deferement' right now. Any suggestions? Trying to 'fix' my credit is frustrating. However.....I would rather do it, than to pay a company to do it..not even knowing if the company is actually paying my creditors.

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1407

34540 Magic Points

Wed Apr 16, 2008 5:03 am

Starting with secured credits is how I will do it.
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Regards,
Laura.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 891

2654 Magic Points

Subject: debt

Wed Apr 16, 2008 10:53 am

Thanks for the advice. Going from 'smaller' to bigger' amounts of debt. Sometimes it gets overwhelming.

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 2858

1966 Magic Points

Sun Apr 27, 2008 2:27 am

Hand in there Sd at least you are trying. I don't have too much in collections but I have sooo many bills since an auto accident and sometimes find myself in tears trying to pay them all. I just started with the little ones. when I get there I get there. I can not do anything more than try. I can't even work full time so as I say a liitle at a time. Good luck.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 891

2654 Magic Points

Subject: credit

Wed Apr 30, 2008 5:25 pm

FIREYONE...thank you!1 That's 'comforting' advice. Sometimes it's hard NOT to stress over bills. But, what you're saying is true. 'You' can only do what you can do, at the time. 'The little ones." .........makes sense.


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