Debt Reduction Help
Debt Reduction Help Information Guide
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Bart M posted: 10 Aug at 2:04 am
lowest balance first
skeptical posted: 11 Aug at 8:17 am
As far as your credit rating goes, it doesn’t matter at all. I don’t know where people are getting that silly idea!
Some recommend largest interest rate first, but I agree with the first person – smallest balance first.
See this site for more information
atij510 posted: 14 Aug at 7:25 pm
the information you provided isn’t really that helpful because you don’t tell us the balance. Assuming that your car loan is the highest payment per month you should definitely pay off your car loan since it has a substantially higher interest rate. Also I would like to ask what kind of car you have since a luxury car is not what you need right now so hopefully your not living out of your means.
Good Luck.
hottotrot1_usa posted: 16 Aug at 5:46 pm
Always pay the highest interest rates off first. Never pay off the 0% loans unless you are forced to.
P.S. I don’t understand why people say to pay off small balances first. The only advantage is that you don’t have to pay postage every month, but the savings in paying off high interest rate loans first can be enormous.
If you can borrow at 0% and put it in an interest earning account, its obviously good to do so.