View Single Post
  #7 (permalink)  
Old 04-07-2008, 10:40 AM
Slug's Avatar
Slug Slug is offline
$ Saving College Sophomore
 
Join Date: Feb 2008
Posts: 792
Points: 4288.00
Donate
Default

Quote:
Originally Posted by jIM_Ohio View Post
I would put 8k to the 12% credit card, then 2k to 401k loan.

I would do this because the cc debt at 12% is expensive, and I assume the interest on the 401k loan is lower than 8%.

This is the correct approach. Most 401k loans have far more reasonable interest rates than CC's.
__________________
Did you learn something from me? Learn even more at my blog: Sunk Costs Are Irrelevant
Reply With Quote