Joined: Sun Jun 01, 2014 10:26 pm Posts: 20345 Location: Where they shot Knock at the Cabin
Paying off Debt
Calling all financial experts. If you had 17k in debt at 5% APR and 21k in debt at 10% Apr, would you pay all the extra payments to the 21k at 10% and only pay the minimum on the 17k?
Sat Apr 20, 2024 2:05 pm
Excel
Superfreak
Joined: Sat Aug 20, 2005 12:54 am Posts: 21890 Location: Places
Re: Paying off Debt
At quick glance, yes; $21k is more than $17k, and 10% is higher than 5%...
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Sun Apr 21, 2024 1:28 pm
Shack
Devil's Advocate
Joined: Sun Jul 31, 2005 2:30 am Posts: 37997
Re: Paying off Debt
zwackerm wrote:
Calling all financial experts. If you had 17k in debt at 5% APR and 21k in debt at 10% Apr, would you pay all the extra payments to the 21k at 10% and only pay the minimum on the 17k?
Joined: Sun Jun 01, 2014 10:26 pm Posts: 20345 Location: Where they shot Knock at the Cabin
Re: Paying off Debt
Shack wrote:
zwackerm wrote:
Calling all financial experts. If you had 17k in debt at 5% APR and 21k in debt at 10% Apr, would you pay all the extra payments to the 21k at 10% and only pay the minimum on the 17k?
What's the minimum for each?
$400 something for the 21k, like $200ish for the 17k
Sun Apr 21, 2024 10:04 pm
Shack
Devil's Advocate
Joined: Sun Jul 31, 2005 2:30 am Posts: 37997
Re: Paying off Debt
I've never been in debt but I can't really think of any reason not to pay the bigger one with more interest.
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