I have a unique situation. Last year we paid for an extravagent wedding and still owe about $20,000 which is on credit cards. We also owe $13,000 in taxes for which we have an installment agreement. Now, our cards which are two different cards, are at extremely high rates almost 22-29%. I have $20,000 in the bank and need to make a decision which to pay off first. Would you pay the credit cards first, or would you pay your taxes first. I believe there is a standard interest on the taxes, and I don't believe it is nearly as much as the credit cards. Do I pay one off the cards and continue the installment, or pay off the taxes and keep getting the high interest on the cards. Please no mean answers. We have good jobs, and should be making enough to pay off all by the end of May. Thank you for your answers.
2007-02-07
04:00:26
·
8 answers
·
asked by
dnelak
2