Comments on: Extra Money in December http://mycrazydebt.com/2008/11/19/extra-money-in-december/ I'm Going Pay Off Credit Cards - Watch Me Get Out of Credit Card Debt Sat, 20 Mar 2010 12:21:37 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Gaby http://mycrazydebt.com/2008/11/19/extra-money-in-december/comment-page-1/#comment-1170 Gaby Thu, 20 Nov 2008 20:24:14 +0000 http://mycrazydebt.com/?p=263#comment-1170 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. 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.

]]> By: Cookie http://mycrazydebt.com/2008/11/19/extra-money-in-december/comment-page-1/#comment-1164 Cookie Thu, 20 Nov 2008 17:10:31 +0000 http://mycrazydebt.com/?p=263#comment-1164 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. <abbr><em><abbr><em>Cookies last blog post..<a href="http://our-debt-elimination-journey.blogspot.com/2008/11/great-savings-on-photographer.html" rel="nofollow">Great Savings on a Photographer</a></em></abbr></abbr></em> 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.

Cookies last blog post..Great Savings on a Photographer

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