what would YOU do?

**McD** · 03-04-2007, 08:27 PM

As you can see by my signature my remaining debts are my car and a personal loan from my father, my mortgage, and my student loans which are deferred. Every month I pay 1300 on my mortgage instead of the required 1044. Would you guys continue to pay the extra 255 on mortgage or would you use that money and focus towards the car/dad?

**Grayce** · 03-04-2007, 08:32 PM

If it was me I would be focused on paying my dad back first, just seems like the right thing to do because he is family, kwim?

**kaykwilts** · 03-04-2007, 08:33 PM

Dave Ramsey says Thanksgiving dinner always tastes better when you are not indebted to relatives. It's also your smallest debt. I'd try to pay off the loan as quick as a can to your father. Probably try to pay off as much debt as I could before I started paying off the house early. Here are Dave Ramsey's baby steps:

1. $1,000 to start an Emergency Fund
2. Pay off all debt using the Debt Snowball
3.Three to six months of expenses in savings
4. Invest 15% of household income into Roth IRAs and pre-tax retirement
5. College funding for children
6. Pay off home early
7. Build wealth and give!
8. Invest in mutual funds and real estate

**Neeley** · 03-04-2007, 08:48 PM

My parents would get their money back before anything else. Family comes first, JMHO.

**McD** · 03-04-2007, 09:03 PM

That's what I was thinking too. I just like having my thoughts reinforced.

**Marie78** · 03-04-2007, 09:20 PM

I think I would focus on the car and the personal loan first and then apply extra towards the mortgage. Depending on how much you pay each month on the car and the personal loan you might be able to knock out those debts within a year! Good For You

**Scattymum** · 03-05-2007, 04:08 AM

I would pay my dad and the loans off first and then concentrate on the mortgage

**Amanda W** · 03-05-2007, 05:14 AM

Count me as another vote for paying your dad off first. I was also paying extra on our mortgage, but I stopped back in October and started applying it to our CC debt. It's really helped us get out of debt quicker. We should be debt free by the end of this month, and then I'm going to add the extra back to our mortgage payment.