I have a car loan that has $13,000 left on it, and I pay $510/month on it. I also have 5 credit cards that total a balance of $15,000 ($1300, $2100, $1600, $4500, $5500) , their total payment is around $450 per month. My question is this; I recently got a new job and will be able to start tackling this debt aggressively (~$900/month). Do I hit the car payment (which now would have $1400/month paid on it for 9 months and paid off) or do the credit cards month by month (#1 $45/mo = 2 months, #2 $60/mo =2 months, #3 $60/month = 3 mo, #4 $135/mo = 5 mo, #5 $155/mo pmt = 6 months). Total time to pay off credit cards = 17 months Total time to pay off car loan = 9 months or less Then take the $1400 / month combined from my car and paycheck to tackle credit cards?
September 28, 2017 at 12:11PM
