No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello everyone,
I'm looking to you for some advice. I literally just mailed in my last car payment so the only debts I have are:
Mortgage @ 3.625% - $164,500
Student Loans @ 6.46% (blended rate) - $44,000
After paying my bills, using some money for 'fun', and contributing about $700/month to our 401k's, we will have about $2200 remaining each month. We currently have about $15k saved. My question is, what do you think the best strategy is with our money and debts? I am thinking of paying an extra $1,000 toward my student loans each money until they are paid in roughly 2.5 years. This will allow for us to save the remaining ~$1200 mixed between increased 401k, investments (stock, ETF, etc.), and cash.
What do you guys think about all this?
Eliminating debt is always a good idea ~ I agree that paying the student loans down is a good approach.
I totally agree about paying off that Student Loan as fast as possible.
Good luck
That's what I would do! Student loans are the only non-dischargeable debt.
And I should know!
@Cleanmachine wrote:I totally agree about paying off that Student Loan as fast as possible.
Good luck
I agree, getting that monkey off your back would feel good!
Always take out the one with the highest interest rate first! That being said pay extra on the student loan!
Depends on when you graduated. IF recently, and loans are in deferment than pay on the UNsubsidized; interest just keeps compounding. If you are beyond that period, pay more than the minimum payment if you can. Student loan interest compounds DAILY! Good luck!
I would use the extra money to pay off the student loans.