Get rid of home equity or car loan?
I've been reading some other posts about getting rid of debt before accumulating too much money in savings. I have a dilemma.
We have a $14,000 home equity loan at 7.25% apr, a car loan on a 7 yr old car for $9500 at 5.99% apr and $90000 in savings at 3-4% interest rate.
We are currently having a baby and have short-term goals of starting a business so we don't want to get rid of too much cash. We probably will only be in this house for another 3-5 yrs.
Should we pay-off the home equity loan or the car loan or both?
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