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Advise on payoffs
- Thread starter BIGLEW
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As said above, highest interest rate first, start putting the money you were paying on that into an emergency fund.
If you are getting 20 .... i would pay two highest interest loans. One for 4 thou and the 14thou ....both at extremely high interest.
That leaves you 2 for bank.
Always payoff highest interest loans as fast as possible. Especially that 20 something percent loans. Stay the hell away from those !
That leaves you 2 for bank.
Always payoff highest interest loans as fast as possible. Especially that 20 something percent loans. Stay the hell away from those !
If you are getting 20 .... i would pay two highest interest loans. One for 4 thou and the 14thou ....both at extremely high interest.
That leaves you 2 for bank.
Always payoff highest interest loans as fast as possible. Especially that 20 something percent loans. Stay the hell away from those !
I plan to stay away from them period. With this cash, I can free A LOT of money I make to save and help with other things.
She is all about travel, loves Gatlinburg. Freeing this cash up will help make a trip or two yearly. We have talked about that, and she is happy with it. LOL
Pay off the home loan.
Transfer the stepsons loan to him and get it out of your name. Or make him pay you directly and put it in retirement fund. You retirement is more important than his college. He has other options for that.
Keep making your car payment regularly . It will help repair your credit and lower your next interest rate.
Put the remainder in a savings account ‘cause the tax man is gonna get his cut no matter what and take the rest of it.
Transfer the stepsons loan to him and get it out of your name. Or make him pay you directly and put it in retirement fund. You retirement is more important than his college. He has other options for that.
Keep making your car payment regularly . It will help repair your credit and lower your next interest rate.
Put the remainder in a savings account ‘cause the tax man is gonna get his cut no matter what and take the rest of it.
Pay off everything you can, with the top 2 you listed you can save $564.79 a month to put in the Bank
OK, I'm going to tell you what you probably don't want to hear. I'm probably going to hear all kinds of neg feedback for saying this. From the sound of it, you're living way above your pay grade, and with the interest rates you have, a loan shark, or even a credit card would have given you a better deal. You do know we're in the lowest interest rates since I don't know when. The 1st thing I'd do is call the bank that has the car loan. You have 3 years payments of $365 left on a car loan where the car is only worth 2K. Time to tell them to pick up their car and get out of that loan. Yeah, they'll probably sue you for the difference. The loan rates already tell me your credit's not that great. How bad could it get? You could blame it all on Covid. Take a few G's and buy something AFFORDABLE. Next, it's time to tell Junior that he needs to step up. If you get another $75 a month out of him, which roughly comes to $20 extra bucks a week, that loan will be paid off in half the time, maybe less. I'm just doing generalities here, so my math may be off. At $175 a month anyone would stretch the payments out. Especially when they don't have their name on the loan. If he doesn't like that idea, time to repossess YOUR car and sell it to pay it off. That leaves you with a personal loan for a home renovation.I don't know what you have in home equity, but you got 4 years left on that one. Add another $75 to that and make it $450 a month, and that will be done in half also. That leaves you with roughly 75% of what you have to put away for a time when you REALLY need something. Like I said your credit's probably shot already, so it's time to work on your future credit. You don't need any financial wizard to help you out. You can do it yourself with some discipline, which is how he probably got himself out of a bind once and now he's got people paying him to learn some. Don't think you're alone with a bunch of payments due. The trick is to get only 1 bill for what you owe where you can pay MORE than minimum payments instead of a bunch of little bills you can only pay minimum payments on every month that ends up eating your entire paycheck. And, by the way. If you're dead set to pay something off, you can take that cash, put it in a savings acct. and borrow against it. You'd probably get a 2% loan, and with you making .05% interest it would be 1 1/2%. You can get up to 70% of what you have saved, and every time you pay the note, in reality you're paying yourself back. That way you still have your money and aren't paying the ridiculous rates that you have now.
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