Thursday, November 18, 2010

Should I get a house, pay off credit debt or pay off private student loans?

Question by Aresmaxim: Should I get a house, pay off credit debt or pay off private student loans?
I have about 30k in cash laying about in a low interest account (3%). I could use this to pay off my credit card debt of about 5k or pay down my student loans (40k - private@8%). Additionally, since prices in my area have come down I could use this to pay into a mortgage (no greater than 200k). With so many options which way should I go?


Best answer:
Answer by andyI would first pay off your credit card since it should be at a higher rate than the private student loans. Than I would put 5 to 10K towards the student loans and spend the rest to help buy a house. This way you have no

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