Should I pay off my car loan or credit cards?
Posted in the Independence Forum
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Last updated Feb 12, 2014
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#1
Nov 4, 2013
Should I pay off my car loan or credit cards?Between tax refunds and my year end bonus I will have enough to pay off either all of my credit cards (3500) or my auto loan (5400). While my interest rate is lower on the auto payment, if I pay that off first I can apply the payment towards paying my credit cards down. This would get me debt free in about one year. I am more concerned with my credit report than what i am paying in interest. Should I pay off the car first or keep it on there?
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#2
Dec 5, 2013
I think it makes more sense to pay off the higher interest debt. The larger debt is ok since it's at a lower interest. As long as you are making consistent on time payments towards your car loan this should be a positive reflection in your credit report. What you don't want is to be close to the limit on your credit card that will have a negative impact on your report. I've got myself out of $20,000 debt this is definitely the way to go. Get rid of the credit card debt then focus on the car loan.
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Since: Feb 13
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#3
Feb 12, 2014
I talked to my agent at Greater Central Texas Federal credit union and he gave the same advice as given by Lilli that you should get rid of your credit card debt first.
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