STYLETHREAD -- LET'S TALK SHOP!

Members Login
Username 
 
Password 
    Remember Me  
stylethread site home page -> stylethread forum -> general chat -> Money Question???
Post Info TOPIC: Money Question???
bex


Chanel

Status: Offline
Posts: 3194
Date:
Money Question???
Permalink Closed

I have two bills that I am working to pay off.  usually I tackle one with huge payments and chop away fast at it- but i am not sure which one to do this with...


loan 1: student loan with an APR of 3.0%


loan 2: car loan with an APR of 4.0%


i owe about the same on both of them... which one would you pay off first?



__________________
Farrah


Marc Jacobs

Status: Offline
Posts: 2353
Date:
Permalink Closed

The car loan.  According to my money goddess Suze Orman, student loan debt is considered good debt and anything at a higher interest rate should be paid off first anyway.  Another good thing is that when you car is paid off you will be totally liquid on it.  The paid off student loan doesn't provide you with any liquidity.  HTH!

__________________

"Whatever you are, be a good one." --Abraham Lincoln
bex


Chanel

Status: Offline
Posts: 3194
Date:
Permalink Closed

Farrah wrote:

The car loan.  According to my money goddess Suze Orman, student loan debt is considered good debt and anything at a higher interest rate should be paid off first anyway.  Another good thing is that when you car is paid off you will be totally liquid on it.  The paid off student loan doesn't provide you with any liquidity.  HTH!

that is what i was thinking... its just that my company gives me a car allowance which pays for the car and i would be using personal funds to double pay and pay if off quicker (make sense?)


but... god bless mini cooper for holding a HUGE resale value that it might be a good idea to just use the personal funds and pay it off first.


thanks farrah!



__________________
Farrah


Marc Jacobs

Status: Offline
Posts: 2353
Date:
Permalink Closed

Do you have to provide your company w/ receipts for the payments?  If not I would just let them think that you are continuing to pay it off at the regular rate and when the car is paid off take the car allowance money and pay extra on your student loan.

__________________

"Whatever you are, be a good one." --Abraham Lincoln
bex


Chanel

Status: Offline
Posts: 3194
Date:
Permalink Closed

Farrah wrote:

Do you have to provide your company w/ receipts for the payments?  If not I would just let them think that you are continuing to pay it off at the regular rate and when the car is paid off take the car allowance money and pay extra on your student loan.
damn farrah!  i didn't even THINK about taking the car allowance money and transferring it to my student loan payments!  FABULOUS!  brilliant!  god bless suze orman's shows and books for your guidance on this board!!

__________________
Farrah


Marc Jacobs

Status: Offline
Posts: 2353
Date:
Permalink Closed


bex wrote:

Farrah wrote: Do you have to provide your company w/ receipts for the payments?  If not I would just let them think that you are continuing to pay it off at the regular rate and when the car is paid off take the car allowance money and pay extra on your student loan. damn farrah!  i didn't even THINK about taking the car allowance money and transferring it to my student loan payments!  FABULOUS!  brilliant!  god bless suze orman's shows and books for your guidance on this board!!


HA!  You are so funny.  I actually have to take all the credit on that last idea - that was all me, hee-hee!



__________________

"Whatever you are, be a good one." --Abraham Lincoln
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
stylethread site home page -> stylethread forum -> general chat -> Money Question???
Tweet this page Post to Digg Post to Del.icio.us


Create your own FREE Forum
Report Abuse 		Powered by ActiveBoard