CC vs LOC which to pay off first?

mt2va — Tue, 15 Sep 2009 18:27:22 GMT

Just wanted some thoughts on all things being somewhat equal is it more to my advantage to pay off my CC or my LOC first? The balance is about the same. The interest on the CC is higher than the LOC. I had planned to pay the LOC off first as I'm looking at it more as a short-term loan to myself. I had an un-expected expense come up I have to pay by the end of the month. I will have the money paid back within about 4-6 weeks. But got to thinking it might be better to pay that on the higher interest CC first. But the LOC has advantages of being used anywhere. The CC in question is a store CC. Which would have already been paid off had this other un-expected expense not come up first.

And before anyone asks yes I am working on a savings plan also & finally have a good amount socked away but not quite enough to pay this un-expected expense & even if I did would not want to wipe out the whole account to pay for it.

Re: CC vs LOC which to pay off first?

marty56 — Tue, 15 Sep 2009 22:49:23 GMT

IMHO I would pay the CC off first. Protect your credit and CC from AA by paying it down. I havent heard about AA on LOCs, at least while there is a balance.

topic CC vs LOC which to pay off first? in General Credit Topics

CC vs LOC which to pay off first?

Re: CC vs LOC which to pay off first?