So, hopefully this will be relatively easy. I only just discovered MMM a couple years ago and have made some good progress towards being more mustachian. My biggest problem is that as a physician, I was already too far down the rabbit hole in terms of student debt so I essentially have to stay this route.
All that said, today, my specific question is about our families car situation. We have two cars, details below, but we also have quite a bit of consumer debt (Around 30k) at 15% or so on credit cards from medical school. (The last couple years of medical school were tough with children, and residency interviews/moving.) So we are currently putting all the extra money we have towards that to get it paid off ASAP. However, should we do something different with our cars?
Currently we have:
2010 Rav4 - around 10K owed, 2.9% interest (43 more months) - family car, wife and kids
2010 Corolla - around 8200 owed, 1.9% interest, (48 left) - daily drive 10 miles to work
So, everytime I think about doing whats best I get confused. Theoretically I should pay them off quicker or sell them and get something used with cash. However, it doesn't feel right to put extra money towards the car loans when we have all that high interest debt hanging over our head. Conversely, when I think about selling a car we owe 8k on, and putting 5k that we could have put towards debt, towards a new uknown car, that doesn't feel right either.
So, do I keep the cars and suck up the fact that I should have made a different choice a year or two ago? Or, do I downsize and put off the CC situation to get cars with cash?
Thanks for any thoughts!