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  1. 12-10-2008, 07:22 PM #1
    JennaC
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    Default What would you do?

    I am getting a $15K bonus for 4th quarter. After taxes it $13K. I have some payments that I had to make, now I have $9K left. This are my bills and I don't know what to pay.

    CC1 $4700
    CC2 $4700
    CC3 $2300
    CC4 $1700
    CC5 $1800

    Truck $6500

    I want to pay off the truck. Its at 3.9% to be payed in off 3/2010. Most of the CC are at 0. My thoughts are that if things changed and I didn't have the extra debt repayment money, at least the truck would be mine and they couldn't take it. The Credit card companies can't do much if worst came to worse. I would put the rest in the Emergency fund which we don't have right now.
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  2. 12-10-2008, 07:27 PM #2
    57plymouth
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    Pay off the truck and lower the insurance coverage. Then pay off CC4. Put the rest towards CC5. Then debt snowball the CC's.
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  3. 12-10-2008, 07:28 PM #3
    homesteadmamma
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    If it was me, I would pay out the debt with the highest payment which is probably your truck. Then you can take that payment and snowball it into another debt.

    Congrats on such a great bonus.
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  4. 12-10-2008, 07:49 PM #4
    MomToTwoBoys
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    Since the CCs are at zero or near zero percent, I'd pay off the truck. Put the remaining cash in an emergency fund, then start your debt snowball on the rest of the CCs the next time they're due for payments.
    Wife to DH since 10/31/2002!
    Mom to DS #1 08/13/98 Mom to DS #2 09/11/03

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  5. 12-10-2008, 08:09 PM #5
    Jeanna
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    Quote Originally Posted by MomToTwoBoys View Post
    Since the CCs are at zero or near zero percent, I'd pay off the truck. Put the remaining cash in an emergency fund, then start your debt snowball on the rest of the CCs the next time they're due for payments.
    I agree, this is what I would do.
    Jeanna


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  6. 12-10-2008, 08:14 PM #6
    Lady_V
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    I say pay off the truck... and then send the rest to me

    Okay, okay... truck, and the rest to 4 & 5 (or 4 and bank the rest in an EF)

    The credit companies still want their money... but a truck can get you to work so you can MAKE that money
    I can't be out of money... I still have checks left!

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  7. 12-10-2008, 08:14 PM #7
    Domestic Gal
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    Quote Originally Posted by MomToTwoBoys View Post
    Since the CCs are at zero or near zero percent, I'd pay off the truck. Put the remaining cash in an emergency fund, then start your debt snowball on the rest of the CCs the next time they're due for payments.
    I agree with MomToTwoBoys you have no EF right now and you will need it when murphy comes, and he will come, you will not have to use the CC to get him packing.
    Debra
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  8. 12-10-2008, 10:45 PM #8
    Grayce
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    How long are the credit cards at 0%? If they are at 0% for a limited time I would put all the money into them. Your truck rate would stay the same until it was paid off. If the CC's are due to go to a higher interest rate before you'd be able to pay them off I would put the money into paying them.
    Carrie
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  9. 12-11-2008, 08:08 AM #9
    rainbowgc
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    i agree with you; truck and ef next
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