Need some advice please

[Anonymous]

So I have managed to save up a nice chunk of money and I was originally going to use it to pay off 90% of my credit card debt. But, I just thought of another idea, which is to put all 10K into my car loan and come tax return time, the return will pay off the balance of the car. Which route do you guys think is a better way to go? 

[Anonymous]

What's your interest percent on both your car and revolving (credit) accounts?  From a financial stand-point, makes more sense to pay pay down your credit cards since they usually have the higher interest.  Your auto loan is a fixed rate / payment, so if you're still in a good spot to pay monthly on that loan, then it makes sense to pay your credit cards.

[Anonymous]

This is a no-brainer.  Pay down/off those accounts with the highest apr, even if it means you leave an account unpaid.   But be sure you leave some emergency money in cash or some other way to access t quickly without penalty.

[Anonymous]

Credit card debt is called 'Toxic Debt' by many experts.

I would make every effort to PIF credit card debt - keeping pristine and current on the car loan.

Use the snowballing concept - pay off CC debt first, then roll that money (the cash you were previously paying on your CC's) into paying off the car.

That's savvy financially speaking, and it's smart FICO'wise as well.  Utilization on CC's and other revolving accounts is a huge factor in your FICO score.