Hi All,
I've always read and heard that you should always pay off the highest interest loans first. Believe it or not the loan with the highest interest rate is my private student loan at 9%. I've been rapidly paying it down and can have it paid off in about 2 months. However, with all the bad news with credit card companies raising interest rates, I'm getting nervous. I'm curious if I should be putting that extra money towards paying down my credit card instead?
Private SL balance 800 @ 9% min payment $56
Credit card balance 5800 @ 7.5 min payment $97
Any thoughts are appreciated :0)