Extra Money In December
My husband has been informed that he’ll have to work for 3 straight weeks in December. He’s being paid a daily rate, so he’ll get at least 21 days of pay. He’ll be getting paid DOUBLE what he makes in a normal month. We should have enough extra money to pay off a vehicle. I’m wondering - is it better to pay off a secured debt first or unsecured debt? My thinking is we should pay off our vehicle because then we’ll have a paid off vehicle. If I pay off a credit card I really haven’t gained anything except I have less credit card debt. My credit card interest rates are low. What do you think?
Attack of the SPAM
I’ve been hit with a bunch of spam comments. They are mostly about Cialis, Viagra, Xanax, Oxycontin, etc. There’s also a bunch about animal sex and animal sex stories. People are freaks! As you can imagine, it’s taking me quite awhile to go through all these comments.
{ 2 comments… read them below or add one }
Cookie 11.20.08 at 9:10 am
My advice would be to pay of the vehicle. You pay it off and it is now an asset and the loan is closed and gone. With a credit card you have revolving credit- you pay it down the money is availble to respend. With the car loan that credit is gone.
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Gaby 11.20.08 at 12:24 pm
My advice is to pay your credit card debt first because this will impact your credit score in a more positive way than the car loan. When you pay off a loan it automatically closes the account. This has the same impact as closing a credit card account because it takes all that good payment history with it. However, if you were to pay off some of the credit card debt and keep the accounts open then your credit ration will improve and your score will go up as well. Also, credit card debt is consider as a “worse” debt than a car loan.