Quote:
Originally Posted by bones72
To clarify my question, Is it more important to pay off debt or to contribute to my IRA?
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If you must pick one, I'd pay off high interest debt, and yes, 8.5% would qualify as high interest.
In this situation, though, that probably isn't what I'd do. I would want to know more about your finances and why you feel you have to pick one or the other. You have no other debt and this loan isn't for a large amount (though the interest rate is ridiculous).