Purpose there is a loan, that is at least $60,000, which is student debt at about 6%, as well as total amount of credit cards balance at 4000 - 6000 dollars. What is the cost-benefit ratio of these loans if the credit cards are paid first. Let's assume that credit cards are generally have an APR of 29.99%.
To simplify, How would one manage the student loans after the credit balance is paid off?
Let us assume that cost to execute this project would be the total amount interest paid of credit cards in comparison to the interest paid on loans after credit card balance is paid.
The idea is that paying the smaller amount (credit card balances) that overall income will overtake the cost of the student loans, without leaving the payer with less income to spend every month when he/she starts paying the student loans.