So, I want an opinion.
I have two options (I will probably look into a third as well).
1-Keep everything the same, and have my car paid off in May
2-Transfer a high interest credit card into my car loan, and pay off my car and the credit card in 22 months, saving $150/month until May, but after that, adding $120+ per month from what I would've been spending without the car.
In the long run, option 2 would save me on interest if I paid the minimum payment, but option 1 would mean freeing up cash so I could make larger payments.
Thoughts?
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2 comments:
Option 1 is best. Pay one off... and then make larger payments on the credit card. It's called the snowball effect... you can find more info online.
In the words of my preacher upon getting financial planning advice, "you must pay off your debt as quickly as possible." Figure out which is fastest and pay it off that way.
Frustrating stuff...
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