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Old 07-20-2006, 10:41 AM
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poundwise poundwise is offline
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Default Re: feedback wanted: big loan or car loan first?


I'm going to give you the 'if it were me' answer.

With the low interest and low payment on the car, I would definitely attack the larger debt first. I see the logic in the satisfaction of the quick win, however, if you pay off the car, you will not create a lot of additional monies to attack the larger debt with and you will have lost out on that total amount of debt reduction off of the higher balance, higher interest debt.

Again, I'm not saying the other way is wrong. In the end, it is what works for you best that will be 'best'. But I'd pay the larger debt first.

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