Linked Questions

32
votes
13answers
9k views

Do I pay a zero % loan before another to clear both loans faster?

I have $11,000 to put toward one of my three loans. I think I should pay off the 0% car loan and then in two months it will be zero and I can apply that $635 to the 2.5 % car loan and pay it down ...
36
votes
6answers
6k views

Is there an advantage to keeping a liquid emergency fund if one also has an untapped line of credit?

I've seen several financial advice websites and books that recommend keeping some amount of money (usually a function of your monthly expenses) in cash as an emergency fund. See for example questions ...
15
votes
8answers
7k views

5 credit accounts, from $1750 to $4000, all above 90% utilization. Better to pay $500 on all 5, or pay one off completely for credit score?

I have 5 cards acquired in a misbegotten, spendthrifty youth. Utilization: Account 1: $1600 of $1600 Account 2: $1500 of $1500 Account 3: $1200 of $1750 Account 4: $2900 of $3000 Account 5: $4000 ...
20
votes
8answers
10k views

Should I pay off a 0% interest car loan or put money towards high principal student loans?

Within the past year my wife and I have paid off approximately $40,000 in debt - from her car loan, my two student loans, and other misc debt (new refrigerator, hardwood floor install). I had a car ...
26
votes
6answers
3k views

I've often heard of the “snowball” method for paying off credit card debt. How does it work?

How does the "snowball" method of paying off credit card debt work? In what ways is it superior over other ways of reducing one's debt?
16
votes
5answers
6k views

When paying for college, should I take out (interest-free) loans and pay them off with saved money, or use the saved money directly?

If I have money in various mutual funds / 529s / other college savings plans, would it be wise to take out interest-free loans for the duration of my education (in order to allow the money saved to ...
9
votes
5answers
1k views

Is there any reason to NOT pay the minimum on all but one of our loans?

My wife and I have multiple loans to pay off: car loans, student loans, and a mortgage. Currently we pay the minimum on all but one of the loans, and put any extra we'd like to pay into the highest-...
5
votes
4answers
1k views

Student Loan Payment Plan

EDIT: the OUTSTAND_PRIN is the same as PRINCIPAL since I haven't begun paying down yet, but am saving like I am paying until my 6 months is up, just in case i need the extra $3,600 for an emergency ...
4
votes
2answers
2k views

Can I negotiate a 0% transaction fee with my credit card company?

Whenever a month or two passes without using one of my credit cards, the respective bank usually sends me an offer for a 0% APR for a year or so on balance transfers. They send me these blank checks ...
4
votes
3answers
1k views

Debt Consolidation, trade down car, or both?

I'm a recent graduate, working full time (started in January). I have an average of 21.318% APR across 5 credit cards with a debt totaling $11,137, at $302 monthly min. CC #1: $2493 at 13.4%, $62 ...
4
votes
2answers
510 views

Should I consolidate loans and cards, or just cards, leaving multiple loans?

I will start off by saying that I suck with credit cards. I just can't manage them, and if I have access to them, I end up impulse spending money. I should not need to; I earn great money, but I seem ...
2
votes
4answers
689 views

Should I use put extra money toward paying off my student loans or investing in an index fund?

The following is what I've written so far to examine and try to solve this dilemma I'm in of whether to put my extra money toward my student loan debt or invest it, which I'll be publishing on my site ...
2
votes
1answer
3k views

Two high-interest loans: Pay down one at a time, or split my money?

I have 4 student loans. Two are for roughly $5,000 - one at 4.5% and one at 5.6%. Two loans are for roughly $1,500 and both have an interest rate of 6.8%. Right now I have $1,000 I can put towards my ...
3
votes
3answers
384 views

3 loans under my name, 2 are fixed, one is a declining balance interest loan. Which to pay first?

I've searched for this answer for a while, but my loans are set up in a different way and I'd love some advice. (FYI I don't live in the USA) Loan 1: Personal loan. It was $200,000 with a 4.95% Fixed ...
2
votes
1answer
128 views

Student Loan Repayment

I have 3 private student loans. Outstanding Principal Balance taken 08/2011 $15,000.00 Outstanding Accrued Interest as of 08/21/15 $6,678.26 Interest Rate 11.75% Outstanding Principal Balance ...

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