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    sofiesam's Avatar
    sofiesam Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 26, 2012, 07:09 PM
    Is it better to pay off student loans or credit cards first?
    Student loan interest rate: 2.360%
    Credit cards interest rate is unknown & is in collections
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
    Uber Member
    		  
    #2

    Apr 26, 2012, 07:11 PM
    Quote Originally Posted by sofiesam View Post
    Student loan interest rate: 2.360%
    Credit cards interest rate is unknown & is in collections
    Pay the credit cards off... but keep up the student loan current as well... You can kiss off any chance of getting another loan if you have anything out for collection. So pay those first and anything else.. if you can't pay cash.. you don't need it.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Apr 26, 2012, 07:57 PM
    Pay the min on students loan and then pay off the credit cards, if it is in collection most likely at 15 to 30 percent interest. Plus late fees plus more
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Apr 27, 2012, 03:41 AM
    Always pay off higher interest debts first.
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