@Anonymous wrote:
Hello guys!! So I recently got a personal loan to help finance a needed emergency trip, thing is the payment is 198 every month. This loan has a 3.25% rate (I know right?!?!?)
I also have a chase credit card with a 16.24% rate the utilization is not perfect, but not ideal either its at about 4300/7000.
ok so pretty soon I am getting 1,000 to pay down debt. Which one would you choose? Outside of possible credit ramifications, which one would help with your overall peace of mind, paying down high interest or high payments?
I am drifting towards the personal loan since this will free up nearly 200 to use for chase down the road. You thoughts?
Thanks guys!!
I would pay it on the revolving card. If that personal loan is the only installment loan you have open closing it will result it a Fico score drop. I always go for higher interest rates first.
