My husband and I have been trying to lower and eventually eliminate most of our debts. I have found a problem and need some opinions. Our home mortgage or our car loan--which do we work on eliminating first? Our home--currently owe $7,500 with 10.25% interest with 175min monthly pymnt. Our car--currently owe $8,300 with 7.990% interest and min monthly 292.
I keep getting different ideas from reading articles on the net about which is better to payoff first--pay your car off first so you won't be "upside down" if you decide to sell, payoff house first so you don't ever have to worry about foreclosure on your home, snowball debt, pay high interest first, etc, etc, etc.
We only have 1 credit card and we have been actively working to eliminate it and should do so by the end of this year. We will then have an extra 350 each month to put towards either home or car, suggestions??
2007-10-03
05:27:46
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8 answers
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asked by
jilldaniel_wv
7
in
Personal Finance