So I'm not sure how much we will be getting, but between profit sharing from work and tax returns I would think we will have $5k (give or take) extra to use next month. Lets say its 5k and we put $1k into saving to give me $4k to work with.
We owe $7200 on our car with a monthly payment of $375 and an interest rate at 6%.
CC #1 $500 Min $25
CC #2 $5000 Min $100
CC #3 $6000 Min $125
All CC rates are around 15-18% Have used it more than we wanted to lately with christmas and getting things for the nursery ready (baby due in two months).
My first thought was to knock a CC out but now I'm thinking about putting it towards the car to get it paid off quicker, which would free up $375 a month to put towards the CC's. By that time I know #1 would be paid off anyway and then we could focus on on card then the next.
Thoughts, suggestions, other ideas?
We owe $7200 on our car with a monthly payment of $375 and an interest rate at 6%.
CC #1 $500 Min $25
CC #2 $5000 Min $100
CC #3 $6000 Min $125
All CC rates are around 15-18% Have used it more than we wanted to lately with christmas and getting things for the nursery ready (baby due in two months).
My first thought was to knock a CC out but now I'm thinking about putting it towards the car to get it paid off quicker, which would free up $375 a month to put towards the CC's. By that time I know #1 would be paid off anyway and then we could focus on on card then the next.
Thoughts, suggestions, other ideas?
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