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What would you do?

April 1st, 2012 at 12:58 pm

Okay I am a little torn. I can either pay my car off this month or pay off 1 CC or pay another CC almost half way down.
Now of course the CC interest is a lot more than the car but atleast the car would be paid off

Just wondering what you guys would do?

17 Responses to “What would you do?”

  1. creditcardfree Says:

    Maybe a little more information...are you paying extra on the car now? I thought you had just two more payments. Interest rates, balances, amount you have to use towards payoff, regular payment would help to give advice.

    My gut says just pay off the credit card.

  2. rob62521 Says:

    Ask yourself, would paying off the car make me feel successful knowing I truly own it? And, would that mean you would then pay off the Cc the next time? Sometimes we need that incentive to keep us going.

  3. Amber Says:

    @ CC yes I have two more payments, April and May, but I can simply pay it off now. My regular payments are $382 a month

    Rob I think paying the car off would make me feel like I have accomplished something

  4. Ima saver Says:

    I would pay off the credit cards first!

  5. Jenn Says:

    What a great problem to have. I would pay the one with the largest minimum payment - just for psychological reasons. But of course the following month I'd use that money to hit the other debts.

  6. snafu Says:

    Purely practical, I would pay extra on the highest interest CC.

  7. FrugalTexan75 Says:

    Practically speaking, I would pay the credit cards off first. But ... knowing how good it feels to have the car title in hand ... I'd probably go with paying the car off first. One more month of interest on the cc's probably isn't going to be *that* big of a bite ... Smile

  8. Looking Forward Says:

    I'd feel better paying off the car now. Just to be able to cross it off. Then you can roll that payment to the cc's.

  9. rob62521 Says:

    It sounds like either way, you are going to pay something off which is a good problem to have!

  10. PNW Mom Says:

    I'd pay the car off....then you know it is done!

  11. SicilyYoder Says:

    I would do the car.

  12. baselle Says:

    I love the feeling of something finally being paid off. Even though mathematically it would be "better" to pay off the credit card, I go for the win and pay off the car. Congrats in advance!

  13. SnoopyCool Says:

    I would pay the car first.

  14. Amber Says:

    Thanks everyone, I decided to pay the car off. Week after next ill be paying off the car Big Grin

  15. Aleta Says:

    Although it would be better to pay off the highest interest rate, paying off a loan and a car (personal property) is a great feeling. Just remember that you will be buying a car in the future and putting that same payment in the bank savings will insure that you won't have another car payment in the future.

    I would have personally paid off the loan with the lowest balance and added that monthly amount to the next loan and then the car loan.

  16. Savings Says:

    Oooo tricky - I'd go for the cc - I know it would feel great to have one less debt but think about the money you would save on the interest.

  17. ledzepplin1966 Says:

    I vote cc .Get the car payed off later.

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