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SVTPerformance's Chain of Restaurants
Road Side Pub
Pay off the car or put a dent in student loan?
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<blockquote data-quote="Fat Boss" data-source="post: 16133651" data-attributes="member: 122645"><p>My two cents:</p><p></p><p>Track your debts and large assets on an Excel spreadsheet monthly. Make a line chart. It'll visually show you how well you are doing on the debts and it's addicting to make the line go down faster. I went from owing $47k on credit cards and no real assets other than a ten year old truck and a 30 year old Falcon to gaining significant net worth in ten years. I tracked every single month of that time all my credit card debt, car loans, etc. I also tracked my 401k, etc. </p><p></p><p>Another thing no one has mentioned is the POTENTIAL for some student loan relief from the federal government. Personally, I think the shear numbers preclude a complete forgiveness, but a rate reduction or percentage forgiveness isn't out of the realm of possibility. A risk/reward analysis suggests you might consider this impact on your loan in the planning. </p><p></p><p>My suggestion is if you're feeling secure in your job, pay off the higher interest loan. If you think you're in an industry where you might get laid off in a year or two as a long rumored recession takes hold, you might pay off the car and gain some flexibility down the road- at a cost illustrated above.</p></blockquote><p></p>
[QUOTE="Fat Boss, post: 16133651, member: 122645"] My two cents: Track your debts and large assets on an Excel spreadsheet monthly. Make a line chart. It'll visually show you how well you are doing on the debts and it's addicting to make the line go down faster. I went from owing $47k on credit cards and no real assets other than a ten year old truck and a 30 year old Falcon to gaining significant net worth in ten years. I tracked every single month of that time all my credit card debt, car loans, etc. I also tracked my 401k, etc. Another thing no one has mentioned is the POTENTIAL for some student loan relief from the federal government. Personally, I think the shear numbers preclude a complete forgiveness, but a rate reduction or percentage forgiveness isn't out of the realm of possibility. A risk/reward analysis suggests you might consider this impact on your loan in the planning. My suggestion is if you're feeling secure in your job, pay off the higher interest loan. If you think you're in an industry where you might get laid off in a year or two as a long rumored recession takes hold, you might pay off the car and gain some flexibility down the road- at a cost illustrated above. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Pay off the car or put a dent in student loan?
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