What would be better to do pay off credit card debt or vehicle debt?
Tuesday, January 26th, 2010 at
4:48 pm
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Tagged with: credit card debt • Credit Card Interest • Credit Card Loan • Credit Debt • debt help • Debt Ratio • Income Ratio • interest rate
Filed under: Free Money Saving Tips Debt Relief
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As mentioned – it’s best to pay off the privileged interest as it would cost you more money that you otherwise wouldn’t pay.
I’m a modest confused but – do you have enough to pay off the full amount of the car? if you do, then possibly fully paying off the car would be your best bet to get that new house. no car payments = larger repayments on your credit card AND your debt to income ratio will change more significantly.
You also have to know that debt – does not mean you will have a low credit score. Missing a payment does but lower it.
Possibly holding off on a another house and upgrading your current one may be a better option for the time being. Let the market come up a modest, and have a better valued place to sell may work in your favor.
Best of luck!