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What to pay off first?
waydanleo
Posts: 2 Newbie
Hi guys, im in a bit of a quandry. I have a loan which is due to expire in 18 months (currently payable at 7.7%) and an interest free credit deal ending in September this year, 2010. The money in my savings covers the interest free deal so ill pay that off in time but i would also like to be loan free. Im thinking of switching my loan to a low rate credit card or agreeing an o/d deal with my bank to pay it off. Or, should i just leave my loan run its cause? Views welcome.
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Would depend on a lot of factors i would think, what is the loan amount, can you afford the monthly payments, is there a early settlement penelty, can you raise the cash seperatly to pay it off or use your savings and then try to make enough cash to replace it ready for the credit free payment.Im not financially savvy as im still learning but i love to support anyone that needs it and give virual hug's and tea!!!Can't do Bickie's Sorry, need to lose weight!!!Challenge 1 : Sealed Pot Challenge, No : 810Challenge 2 : Dragon's wake up callChallenge 3 : Aug 8/15 NSD's0
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Nice one, today i paid the horrid interest balance making certain i avoided the horrendous costs. The o/s balance on the loan is about £1600, as i dont have enough to pay off the loan im tempted to take an out an o/d facility and pay the loan off that way. I can live with a mortgage but wanna be loan free.:beer:0
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