I was BK7 Discharged in Jan 2010 and have been meeting all remaining debt obligations since. I have opened 2 cards with Cap1 with $1250/$1000 limits. I don't want or need anymore than that. I have been using them and paying them off. My house is in FC and currently waiting (probably years) before that is finalized. Saving those payments into bank account. I have enough set aside to move and more set aside for a small reserve if something were to happen.
My credit scores are all mid 600s which I don't really care about currently. What I do care about is getting debt free. I have 2 car loans that I owe on, although they were discharged and show a zero balance on the CRs. Other than that, we have 2 student loans that have a good amount left on them, about $36k. I am almost at the point where I could pay off one of the cars. That would clear up $300 a month. I would like to snowball this into my other car loan that has $9k left of it at $250 a month. Once that is paid off, put that full monthly payment towards the student loans.
On the car I would pay off I have $3500 left on it. Since it is at the end of the loan period, the interest amount is very little and I would save about $300 in interest if I paid it off early. I would save about $1k with paying the other car off early with this model as well. Should I pay it off? Or just keep making payments.
My goal is to get the student loans paid off before the whole FC thing finalizes as this would collectively save us $900 a month.
What would be the smartest financial decision to make here?
My credit scores are all mid 600s which I don't really care about currently. What I do care about is getting debt free. I have 2 car loans that I owe on, although they were discharged and show a zero balance on the CRs. Other than that, we have 2 student loans that have a good amount left on them, about $36k. I am almost at the point where I could pay off one of the cars. That would clear up $300 a month. I would like to snowball this into my other car loan that has $9k left of it at $250 a month. Once that is paid off, put that full monthly payment towards the student loans.
On the car I would pay off I have $3500 left on it. Since it is at the end of the loan period, the interest amount is very little and I would save about $300 in interest if I paid it off early. I would save about $1k with paying the other car off early with this model as well. Should I pay it off? Or just keep making payments.
My goal is to get the student loans paid off before the whole FC thing finalizes as this would collectively save us $900 a month.
What would be the smartest financial decision to make here?
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