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    raserran's Avatar
    raserran Posts: 12, Reputation: 1
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    #1

    Nov 16, 2009, 01:44 PM
    Should I put money in the mortgage or in the car credit
    I have some money and want to know where is better to put it, in the mortgage or in the car debt? Thank you very much for your help.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Nov 16, 2009, 06:02 PM

    What are the interest rates ?
    How much is owed on each,
    How much is there to pay on?
    raserran's Avatar
    raserran Posts: 12, Reputation: 1
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    #3

    Nov 16, 2009, 06:42 PM

    Mortgage, 6%; car 6.5%. I owed $250,000 on mortgage, and $15,000 on car. Thanks.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Nov 16, 2009, 07:02 PM

    And how much do you have to pay toward something.

    Idealy you pay off the car completely as fast as possible and then start putting the money you were making on the car payment onto the mortgage to pay it off a lot faster.
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