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re: Debt Payoff Strategy Advice

Posted on 7/17/13 at 12:17 pm to
Posted by LSUtigerME
Walker, LA
Member since Oct 2012
3817 posts
Posted on 7/17/13 at 12:17 pm to
It depends on what your goals are. If its to reduce the total interest you pay, put all the extra towards the higher interest. If it's to reduce liabilities, pay it towards car, then stack that payment to trailer.

I personally would prob put a little extra toward trailer, but save more. Maybe contribute more to a retirement account, or some other investments. Both rates are pretty low, so assuming you have a secure job, no need to pay since you could make more in the market. Possibly also saving for a house down payment if that's in your future. Rates are quickly rising.
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