Should I pay off credit card or car loan?
I have a car loan with 2 years left on it. 10,500 balance and payment of 480 per month. I believe the interest rate is 8.5%. Car is a 2005.
I have a credit card with 7800 on it, with interest rate of 13.5% I dont recall the minimum but I usually pay 400 a month, although I think the min is just over a 120 bucks.
Anyway, I have enough cash to pay off one of these debts. What is the better route to go?
Background, I can afford to keep paying the above amounts, but with mortgage, kids, etc, its becoming a pain. I just want a little more freedom, and am completely sick of car payments as I just last month finally paid off a 2005 Truck as well.
Thanks and take care,
I have had this loan from them for 4 years never had a problem. I always pay by the 1st until I notice online I have the freedom to make the payment anywhere from 1st to the 17th, after the 17th I would have to pay the fine. Well I had a credit card where the introductory rate of 1.99 expired and now that rate jumped to 19.99% I elected to use my paycheck on Oct to pay that off, otherwise it would be 40 interest, therefore I have intentions of paying the Mortgage tomorrow and even set it up that way.
Soon as Nov 1st past these SOB’s have been calling non stop, they have been calling my, wife’s and our teenage daughters cell phone. Mainly robo calls then here and there you get a smarty pants on the phone who says they work in collections and I am late. I tell them about the grace period but they argue with me very rude. They call at least 10x a day and all the way to 11PM.
Whenever I demand to speak to a manager they just simply disconnect.
Oh and over many times they ask If I want to apply for a government program. I have had it with them I am sure there is a government program to stop these calls, please advise.