Quote:
Originally Posted by willowstudios
Hi, I want to thank you for any help you might give me..
My main question is - what should I do with my finances? I've got an Auto Loan that is causing me at least $600/mo - (payments, insurance, high gas cost)
Should I pay off the Auto Loan and save myself $300/mo at least??
Credit cards and Auto loan etc
1st mortgage:
$115,000
6.3% fixed rate
$735/mo. payment
2nd mortgage:
$140,000
4.9% variable interest only for 9 more years
$300/mo. (was $780 last year!)
Citicards:
$8500 (maxed out)
7% for life of loan
$120/mo.
Bank of America:
$13.000 (maxed out)
6.9% until Feb 2010 and then 12% (if I'm never late)
Discover card:
$3700 ($2500 available credit)
6.9% until March 2010 and thereafter 12%
$80/mo.
Auto loan (loan requires $118/mo. auto insurance and has bad gas mileage)
$11,000 (4 years left on loan)
$280/mo.
8.49%
TOTAL cash available from emergency fund and cash savings - $15,000
TOTAL income is $2800/mo. (after taxes) and my TOTAL expenses total about $3000!
Thank you so much for any help!!!
Chris
|
why pay off the car first?
I would take the $15k and pay off the citi and discover card, then take the $200/mo ($2400/year) and apply that towards the BOA card.
You should be sending at least 20% of your gross pay (which I estimate to be $12,000 year/ $1000/mo) to the debt on top of the minimum payments.