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Message
re: Debt Payoff Strategy Advice
Posted on 7/16/13 at 9:06 am to iknowmorethanyou
Posted on 7/16/13 at 9:06 am to iknowmorethanyou
quote:
Send $ to your lienholder
I was asking for more along the lines of which loan to attack the most first. I know the rule of thumb is the one with the most interest, but the trailer is essentially paying for itself. Should I take the extra $298.10 from the trailer and put it towards the truck, or do something else? What's the best strategy?
2
Posted on 7/16/13 at 9:09 am to LSUengineer12
It seems as though your bills are FAR LESS than your income. Don't over analyze your situation. If you want to pay the car note from the excess rental income I would say good idea. Neither debt seems significant enough to say you're getting hosed on interest.
ETA: Those I know that have mobile homes as rentals tend to buy and flip some every so often or do lease to owns. That provides them with extra cash flow to pay off their rental properties.
ETA: Those I know that have mobile homes as rentals tend to buy and flip some every so often or do lease to owns. That provides them with extra cash flow to pay off their rental properties.
This post was edited on 7/16/13 at 9:16 am
Posted on 7/16/13 at 1:22 pm to LSUengineer12
quote:
I know the rule of thumb is the one with the most interest, but the trailer is essentially paying for itself.
The bolded part really is irrelevant in your situation. Money is fungible.
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