Lump sum payment?
Date: Thu, 03/01/2012 - 13:53
Hi there,
I'm trying to figure out the best way to make a lump sum payment to my debt.
Credit card - $4,844 on a 0% APR until August 2012
Personal loan - $8,172 on a 7.15% fixed term loan with 24 payments left
I have about $5000 to drop onto my debt due to taxes/yearly bonus.
If I pay off the credit card in full I have about 24 payment left on the personal loan. If I put the lump sum towards the personal loan I'll only have about 7 or so payments left on it and then almost a year of 0% interest on my credit card.
Thoughts?
I'm trying to figure out the best way to make a lump sum payment to my debt.
Credit card - $4,844 on a 0% APR until August 2012
Personal loan - $8,172 on a 7.15% fixed term loan with 24 payments left
I have about $5000 to drop onto my debt due to taxes/yearly bonus.
If I pay off the credit card in full I have about 24 payment left on the personal loan. If I put the lump sum towards the personal loan I'll only have about 7 or so payments left on it and then almost a year of 0% interest on my credit card.
Thoughts?
I think you should consider paying off the personal loan first.
I think you should consider paying off the personal loan first.
You owe the maximum amount on the personal loan. So, it is bette
You owe the maximum amount on the personal loan. So, it is better to use the money towards the personal loan.
Go to http://www.whatsthecost.com/snowball.aspx Input your
Go to
http://www.whatsthecost.com/snowball.aspx
Input your numbewrs, it will lead you in the right direction.
I'm not sure what you mean by "maximum amount"? Do you mean pa
I'm not sure what you mean by "maximum amount"? Do you mean pay towards that because it is the highest amount owed?