Hey everyone,
I just got married and graduated from college, and Iʻm still trying to get a handle on my finances. DH and I have quite a bit of debt between us, and Iʻm trying to focus on paying them down. Right now Iʻm trying to decide which one to demolish first, and I narrowed it down to two possibilities. I wanted your guysʻ opinion on which one to pay off first.
Option 1: Student loan. app. $4400 @ 6.8% interest. Monthly payment: $83
Option 2: Car loan. app $8500 @ 5% interest. Monthly payment: $300
I canʻt decide between paying off the higher interest loan or clearing up some monthly money in order to get a debt snowball going.
Any advice would be awesome!