09-10-2011, 10:10 PM
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#10 (permalink)
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A True Z Fanatic
Join Date: Jan 2011
Location: MD
Posts: 40,963
Drives: HypeTrain Choo Choo!
Rep Power: 143
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Quote:
Originally Posted by birdmanx1
Well it depends, are interests earned on your own investment > than the ones you are paying on your car? Do you have credit cards debt?
Pay off credit card debt first given the typical high interest then move down the ladder with the highest interest debts. At the end of the day things are easier when you ensure that your inflows are always higher than your outflows; credit card companies, banks are NOT your friends, keep that in mind and don't hesitate to tell them to get lost when they offer you lines of credit you don't need.
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No credit card debt now and never will be, I'm smart enough to keep it that way. Car payments are very low ($185/month) and interest isn't too bad either. Don't know what those will be like if I get it under my name though. Just want to know if I should have the car completely paid off by the time I apply for a home loan or if that money would be better spent towards the house's down payment. Only have $10k left on my car loan.
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