Should I pay off credit card or car loan?

Written By: Best Mortgage Rates on September 8, 2009 No Comment

I have a car loan with 2 years left on it. 10,500 balance and payment of 480 per month. I believe the interest rate is 8.5%. Car is a 2005.

I have a credit card with 7800 on it, with interest rate of 13.5% I dont recall the minimum but I usually pay 400 a month, although I reckon the min is just over a 120 bucks.

Anyway, I have enough cash to pay off one of these debts. What is the better route to go?

Background, I can afford to keep paying the above amounts, but with mortgage, kids, etc, its becoming a pain. I just want a small more freedom, and am completely sick of car payments as I just last month finally paid off a 2005 Truck as well.

Thanks and take care,

But, they are going, you donât know where the three mortgages are the higher interest rates. it is not there seems to be useful. Choosing a specific period Should I pay off credit card or car loan? and the loan period.

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