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I decided to attack my student loan balances before paying off my credit card. As it stands, my credit card/heloc stands at $7,500 with the balance fixed at 3.99% until paid in full. My private student loans carry an interest rate just below 9% and are killing me with interest every month.
I am committed to paying $200/ month on my cc balance which means it will be paid off in about 3.5 years and I will pay less than $600 in interest. I am also committed to ensure that I do not accumulate any more debt from this point on. It makes sense to me to throw whatever free money I have towards my student loans so that the load gets a little lighter.
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3 comments:
Good luck paying down your student loans! In the long run, your hard work at law school will pay off...just keep your head up and keep looking!
Thanks Saving Diva!!!
I think thats a great idea. Paying off the higher interest loan is always better (in my opinion anyway)
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