I have $15k, should I pay off a loan or put it towards multiple credit cards that has the same interest percentage? Any ideas? The loan has a monthly payment that is quite high and the credit cards have lower mins.

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If same interest rates, loan first to free up cash flow and then credit cards with the freed up cash flow.

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Good lord how high is that loan interest if it similar to a cc?

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Omfg what type of loan is this?

Read Dave Ramsey’s baby steps. Put $1k in an emergency savings account if you don’t already have this. Then payoff debt starting with the smallest balance first (snowball effect). Dave Ramsey’s plan has helped a lot of people get out of debt and grow wealth.

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I would use it by putting money towards the lowest balance to fee up cash. Maybe u can pay off 3 credit cards with that 15k and free up some cash that way

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#snowballEffect

Can you apply for one of those cards that offer no interest for 6 month? If yes, get a new card and put all the expenses there while paying off your current loans.

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What BDO1 says. Personally I would take a loan from my 401(k) or anywhere else I could get it at a lower interest rate and pay off the 27% one with the new loan. That interest rate will eat you alive.

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I’d pay in whatever order freed up the most monthly cash

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Would you put balances right back on the credit cards if you paid them off? If so, you might be blowing the 15k. Be honest with yourself.

Paying the cards off will likely help your credit more. Maybe enough to refinance the loan in 6-12 months to get a better interest rate.

If the loan payment is that burdensome, you might feel better to pay it off first though. The added motivation could help you pay off the cards over time.

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Are you close to a casino? Turn the 15k into 30k and then you don't have to worry about choosing.

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Hah what should I play

So what did you decide to do with the 15k cash in hand?

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Decided to pay down the loan

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Ty

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Doesn’t matter, what matters is not repeating what got you in this spot.

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Agree thanks

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