I want to focus on paying down my credit card debt ($3k), then my car loan (7.24% with $28k left), then student loan debt (5.06-6.06% with $100k) but I’m having trouble determining whether I should pay the monthly interest charges or nothing at all on my student loans while I simultaneously focus on my cc debt.
Obviously I’ve gotta pay the minimum on my car loan, but a lot of posts on here regarding multiple debts say to pay the minimum on student loans while tackling higher interest loans on cc debt. But what if the required payment is $0 due to being on IDR? It’s scheduled to stay at $0 til Oct 2025.
The only benefit I see to paying the monthly interest charges on the student loans is that it keeps interest from accruing further, but it also feels like a waste of time because it’s just keeping it at bay.
Would my efforts be better focused on putting all my money on the cc debt, then putting more toward my car loan, then tackling the student loans (highest interest first) to put up more than the minimum, all the while ignoring the student loans in steps one and two?
Submitted July 31, 2024 at 11:14PM by Affectionate_Idea931 https://ift.tt/LnPFwJO
