Hi Everyone,
In the past year my husband & I decided to tackle our debts and get a handle on our finances. This past month, we finally paid off all of the credit cards and my student loans.
We still have 3 debts left to demolish and I am not sure which to focus on and would really love some guidance.
Here's some basic financial information to start with (please let me know if I missed anything)
Gross Salary - $200K
Discretionary - $1700 month - putting $500 into Emergency Fund
Emergency Fund - $4,500
Student Loan - Refinanced Jan16 from 7.50% to adjustable rate which is at 3.44% (max rate 8.95%); Balance $64,000; 7 years loan; Pmt $910.
401K Loan @ 4.25%; Balance $11,000; Semi Monthly Payroll deduction of $280. We feel that the job is secure....
Auto Loan @ 3.99%; Balance $27,500; 72 payments left at $430
Should I focus on paying as much as I can towards to student loan debt OR stick with the highest interest rate?
Thanks!
Mae
In the past year my husband & I decided to tackle our debts and get a handle on our finances. This past month, we finally paid off all of the credit cards and my student loans.
We still have 3 debts left to demolish and I am not sure which to focus on and would really love some guidance.
Here's some basic financial information to start with (please let me know if I missed anything)
Gross Salary - $200K
Discretionary - $1700 month - putting $500 into Emergency Fund
Emergency Fund - $4,500
Student Loan - Refinanced Jan16 from 7.50% to adjustable rate which is at 3.44% (max rate 8.95%); Balance $64,000; 7 years loan; Pmt $910.
401K Loan @ 4.25%; Balance $11,000; Semi Monthly Payroll deduction of $280. We feel that the job is secure....
Auto Loan @ 3.99%; Balance $27,500; 72 payments left at $430
Should I focus on paying as much as I can towards to student loan debt OR stick with the highest interest rate?
Thanks!
Mae
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