What are you trying to accomplish?
Best for FICO: pay the credit card
Best for saving money: pay the credit card
An installment loan at 6% isn't hurting that much financially comparitively, but a near 25k revolving debt at 15% that's a pretty hardcore debt which I'd personally be trying to pay off as soon as possible. It's not about size of payment, it's about interest rate when it comes to paying off debts the fastest and freeing up the most cash for future payments, and when there's a large disparity take the high APR one first every time in my estimation. In this case it happens to be the smart thing from a FICO perspective too in terms of qualifying you for a potential balance transfer or consolidation loan.
@wop0101 wrote:I would pay the truck off first so I could lower my insurance payments by switching from full coverage to liability only. Not sure if that's general law or just Texas law though.
At a net savings of a few hundred a year? It's a decent idea but I'm not sure it works out financially from a math perspective.
Paying around 4000 per year just in interest on the CC balance alone; vs. the 7k being paid on the CC a year only changing the debt ratio by 3000 or thereabouts. That's a lot of financial pain from my perspective sitting roughly around the 14th percentile income strata. For reference if the money spent to write a check for the trunk were used to pay down the balance, it'd be a savings of about 900 per year on the finance charge on the card, vs 400ish on the truck. Add call it 400 from the insurance change even and it still winds up short and I suspect I'm overestimating the amount it might change their insurance.
I know we've been on a historic bull run in the stock market as of late, but I think that party is over for the market as a whole: if I make 10% this year from a reasonable investment thesis I'm going to be over the moon (and think I might be doing well to simply break even given how wobbly things are starting to look), and a 16% credit card interest rate just means I'm losing 6% a year, not even including inflation costs. I'd be doing whatever I could to airstrike that CC balance as a result, including liquidating other non-retirement account assets.
@Revelate wrote:At a net savings of a few hundred a year? It's a decent idea but I'm not sure it works out financially from a math perspective.
I was going off the assumption they were going to do a 0% balance transfer as she (or he 
) mentioned. All % from interest being = at 0%, I would go with reducing a fixed payment like auto insurance. However, liability only can be quite a gamble.
@Revelate wrote:What are you trying to accomplish?
Best for FICO: pay the credit card
Best for saving money: pay the credit card
An installment loan at 6% isn't hurting that much financially comparitively, but a near 25k revolving debt at 15% that's a pretty hardcore debt which I'd personally be trying to pay off as soon as possible. It's not about size of payment, it's about interest rate when it comes to paying off debts the fastest and freeing up the most cash for future payments, and when there's a large disparity take the high APR one first every time in my estimation. In this case it happens to be the smart thing from a FICO perspective too in terms of qualifying you for a potential balance transfer or consolidation loan.
trying to accomplish ... getting out of debt. These two are all he has for debt, except the mortgage. His card is usually 0 balance, paid in full... and never ever has it been so close to maxed out. the reason it is where it is??? **COUGH ** COUGH ya that'll be me.. I am the only change... we sure had some great times tho 
but it's time to pay the piper.
as anyone could guess, it's the stress and worry and burden of having that high debt. It needs to go!!
@wop0101 wrote:
@Revelate wrote:At a net savings of a few hundred a year? It's a decent idea but I'm not sure it works out financially from a math perspective.
I was going off the assumption they were going to do a 0% balance transfer as she (or he
I was going under the liberal assumption that a 0% transfer for that amount was going to be difficult if not outright mission impossible currently. Would be easier with a smaller balance, less fees associated with it too for most transfer offers I've ever seen.
@OP: saving money = getting out of debt faster, my apologies for not stating that better in my post. Pay the credit card 
.
