Author Topic: Help me choose!  (Read 4708 times)

staceydee

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Help me choose!
« on: February 27, 2015, 04:52:01 PM »
i have loans i have to pay off left is the balance right is the minimum monthly

I have 2 thousand dollars and i want to save the most a month NOW!

What loans should i pay and why??

   
Balance   
                                             Monthly   APR
1   $3,584.00         $36.00   19.99%
2   $3,245.00         $88.00   19.24%
3   $2,852.00         $79.00   22.99%
4   $2,877.00         $43.00   0% may 15
5   $2,860.00         $73.00   18.99%
6   $2,840.11         $88.00   20.00%
7   $2,387.00         $38.00   0% until july 16
8   $1,701.00         $44.00   17.99%
9   $1,458.00         $41.00   18.05%
10   $1,373.00         $41.00   23.24%
11   $1,359.00         $37.84   22.99%
12   $1,302.00         $44.00   25.24%
13   $1,274.00         $46.00   28.99%
14   $1,211.00         $38.00   24.20%
15   $1,200.00         $42.00   24.90%
16   $1,102.00         $35.00   24.99%
17   $1,061.00         $36.00   24.00%
18   $983.85         $30.00   21.74%
19   $785.00         $28.00   26.99%
20   $792.00         $25.00   19.99%
21   $468.00         $20.00   0% until july 15 i think i am going to wait until july to pay this one off as i will have enough money saved to pay this off by then
« Last Edit: February 28, 2015, 09:43:54 AM by staceydee »

justplucky

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Re: Help me choose!
« Reply #1 on: February 27, 2015, 05:17:53 PM »
The loans with the highest interest rates.

former player

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Re: Help me choose!
« Reply #2 on: February 27, 2015, 06:40:08 PM »
Paying off debt is the same thing as saving, and gives you a guaranteed return equivalent to the interest rate on the debt.  Unless your debts have interest rates which are comfortably lower than you would get investing the money and you have a respectable emergency fund, you should pay them off first.

Financially the biggest return is in paying off the highest interest debts first, as justplucky suggests.  Although given that you have $2,000 a month to spend, you could if you wanted start by paying the five smallest debts first, as you could pay them off in a couple of months and reduce the number of debts from 21 to 16, which looks like a quick win.  Also, if you can refinance any really high interest debts to a 0% or very low interest, that could allow you to pay more off the other debts in the meantime. 

Chrissy

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Re: Help me choose!
« Reply #3 on: February 27, 2015, 07:22:15 PM »
Yes, highest interest rate first because those are the ones with the most momentum taking your money.

Yes to refinancing/consolidating unless you qualify for some kind of forgiveness program.

staceydee

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Re: Help me choose!
« Reply #4 on: February 28, 2015, 12:10:22 AM »
I only have an extra 2k this month from taxes and I want to free up as much money monthly now not talking about future with aprs and stuff

kiwigirls

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Re: Help me choose!
« Reply #5 on: February 28, 2015, 12:31:30 AM »
To give you the best advice you need to repost with interest rates.  Use your 2k to repay the highest interest rate debt and then write yourself a budget so you have a surplus each month to attack the rest of the debt.  YOUR HAIR IS ON FIRE & you need to take IMMEDIATE ACTION.

Rural

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Re: Help me choose!
« Reply #6 on: February 28, 2015, 12:42:54 AM »
If you definitely need the monthly cash flow, pay off the $1061 and the $785, and then put the leftover $154 toward the loan with the highest interest rate.


That will net you $64 dollars a month in your budget by eliminating those two payments; that's the biggest difference I see you can make in monthly payments, more than paying off one of the ones with a balance close to 2k.


 The extra $154 should go to the one with the highest interest rate both because that'll get you out of debt the fastest and because it has decent odds of making the most difference in your monthly payments.


But everyone is right that putting it all toward the highest interest rate is the fastest way to get out of debt. What do you need the extra monthly cash flow for? If it's food to feed yourself or your family, do what I've suggested here. If it's anything less important, you should go the highest interest rate route.
« Last Edit: February 28, 2015, 12:44:43 AM by Rural »

lakemom

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Re: Help me choose!
« Reply #7 on: February 28, 2015, 04:40:20 AM »
At a quick glance paying off the 3 smallest would cost 2045 and save you 73 per month in cash flow.  But you have a hair on fire debt emergency smoldering here.  So, take that 73 cash flow and start throwing it at your highest interest rate card going forward.

Rural

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Re: Help me choose!
« Reply #8 on: February 28, 2015, 05:55:15 AM »
At a quick glance paying off the 3 smallest would cost 2045 and save you 73 per month in cash flow.  But you have a hair on fire debt emergency smoldering here.  So, take that 73 cash flow and start throwing it at your highest interest rate card going forward.


Totally missed the three smallest, Lakemom. You're right.

staceydee

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Re: Help me choose!
« Reply #9 on: February 28, 2015, 09:46:16 AM »
I edited op to add interest rates...

I need the extra cash flow now cause weve suffered an income loss and need the extra income now so we dont rack up money on cards that we refuse to use anymore

former player

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Re: Help me choose!
« Reply #10 on: February 28, 2015, 09:55:31 AM »
Numbers 13 and 19 are your highest interest rates and conveniently come to about $2,000.  Once you have paid them off you have an extra $72 per month to put to the next highest interest rate, which looks to be no. 12.

arebelspy

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Re: Help me choose!
« Reply #11 on: February 28, 2015, 12:05:15 PM »
Numbers 13 and 19 are your highest interest rates and conveniently come to about $2,000.  Once you have paid them off you have an extra $72 per month to put to the next highest interest rate, which looks to be no. 12.

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