Viewing a single comment thread. View all comments

firefly20200 t1_jdtbq03 wrote

How much is "making more money than we ever thought possible" ?

Likely the car loan will be near or lower interest rate than the personal loan. I would think with that score your personal loan would be 10% to 16%. If you factor the car out of it right now, then you have $6,100 in debt.

How much can you pay? Can you pay $1,000 a month now based on your income? If so you would have that paid off in like six months.

Just pay down the cards fast and then go after the car payment. Paying off the cards will likely greatly improve the credit score and then you could revisit the loan to pay off the auto loan, but again, even with great credit scores the personal loans seem to be like 8-9% or higher right now and there might not be much savings compared to the auto loan rate.

7

[deleted] OP t1_jdtcefa wrote

[deleted]

0

firefly20200 t1_jdtd1et wrote

Focus on a budget instead. With $100k (pre tax) income, you should be able to knock these down fast with a tight budget. It might suck for a few months, but you can do this without taking a loan. Time is what kills, if it took you a couple years to pay it off, then yes, saving even 5% interest might add up, but if we're taking a year or less and on those amounts, the savings is probably in the hundred of dollars at most, if you're serious and pay it off fast.

Trust me, it'll feel good even if it's a hard few months. Make an aim that you guys hunker down from now until maybe end of July on just being really focused. Cut some streaming plans, cut the eating out, ditch a gym membership or whatever if you can and just go for runs outside etc. This is doable based on your income and willpower.

17