Timeline for Do I pay a zero % loan before another to clear both loans faster?
Current License: CC BY-SA 3.0
8 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| May 15, 2016 at 22:32 | comment | added | Scott | OP has not one, but two loans for luxury cars. 'Will' is justified. | |
| May 14, 2016 at 15:07 | comment | added | user | "Will" seems an overly strong word here. We don't know how the OP might react; stating that the OP will react in a certain way does not seem particularly constructive, and using such reasoning to determine that the best course of action is to keep monthly payments as high as possible seems dubious at best. Besides, having paid off one loan, I'm sure the OP can take the money freed up in their monthly budget to make extra payments on the other loans, even to the point of asking the bank to bill the extra amount (as opposed to purely voluntary extra payments). | |
| Apr 29, 2016 at 9:26 | comment | added | Ghanima | I certainly did not forget. Maybe my comment is slightly exaggerated but only to make my point. I understand the notion or lets say the psychological effects intended I am just saying that I'd not consider it the best tool in the box to achieve a behavioural change. | |
| Apr 27, 2016 at 23:52 | comment | added | Scott | OP is staying in debt, Ghanima, regardless of what he does with that $11,000. That you forgot this demonstrates my point. | |
| Apr 27, 2016 at 9:32 | comment | added | Ghanima | Staying in debt to reduce one's inclination to get into debt seems like one odd tool to me. | |
| Apr 27, 2016 at 5:13 | comment | added | Scott | Indeed, and easier to avoid that temptation if you have monthly repayments hanging over your shoulder. | |
| Apr 27, 2016 at 3:20 | comment | added | tomjedrz | This is always a danger when in the midst of a debt reduction ... the temptation to borrow again. | |
| Apr 27, 2016 at 0:47 | history | answered | Scott | CC BY-SA 3.0 |