Hello, let me divulge the full details of my disgusting financial situation. The wife and I are 41 years old with two kids, 2 and 4. Here are our assets:
401k: $130k
We own a 2010 Toyota van outright but that's not an "asset" in my mind, not in this context anyhow.
Debt (here's the really ugly part):
~$10k on credit card at 6.9%
~$5.7k on motorcycle at 5.9% (I commute on this)
~$35k on truck at 2.75% (barely gets driven now that I have the motorcycle)
~$235k on primary residence at 3.75% (just refinanced for 30 years, VA loan)
~$96k on rental property at 6% in another state (used to be our primary) ... we pay more monthly than this property brings in, by about $150, it was not our choice to have it be a rental, but it has been now for over five years.
two 401k loans totaling over $26k, paying myself 3.25%
I make over $109k per year salary.
I understand paying off the credit card has to be a priority. I'm tempted to sell the truck, even though it'd be a slight loss (bought new six months ago but it's a Toyota so value is better than most). As I see it I'd lose about as much as I'd save in interest over the life of the loan but freeing up the cash would allow me to pay other things off a lot faster.
Any suggestions???
Thanks,
Stashless