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advise pleeeeeeez

New Visitor

advise pleeeeeeez

i am getting an sba 2.5% 30 loan for 13k and need some advise as to what to pay off first:
here's the scenario: small balance mostly maxed out high interest cc totaling 12k, one 12.9% usaa amex with a $20k balance. i've been paying roughly $800 per month on the group and the loan will allow me to pay only $50 per month, and pay 2x the minimum on the big card. should i pay the $12k into the big card, or pay off the smaller ones then attack the big one? any thoughts? thanks!
Message 1 of 5
4 REPLIES
Moderator Emeritus

Re: advise pleeeeeeez

I always thought SBA loans must be used for the purpose that they agreed to loan the money for?
 
 
Message 2 of 5
New Visitor

Re: advise pleeeeeeez

hurricane damage i'm fixing myself...any advise???
Message 3 of 5
Established Contributor

Re: advise pleeeeeeez

a 20K balance with Amex and not paying more than the minimum....BEWARE. trouble is brewing
Message 4 of 5
Moderator Emerita

Re: advise pleeeeeeez



CreditDrama85 wrote:
a 20K balance with Amex and not paying more than the minimum....BEWARE. trouble is brewing



Looks like it's a USAA AmEx. If so, it is not part of the current AmEx Totentanz.

(But of course still needs to be fixed.)

Back to OP, as I don't know about SBA loans. Aren't there some sort of disaster loan structures set up post-hurricane?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 5