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What you would need to do is start with the loans that have the higher interest rate
I would pay off all the ones at 6.8% first
This will save you the most money overall.
You should be able to pay off quite a few
Fine thank you. OK. Thank you. I would then pay off the next highest interest rate loan(s) etc? Correct?
That is correct
OK is there any other issues or advice going forward after paying off and or paying down the loans that you can think of right now? I considered the consolidation approach but what I found was that most loan companies just wind up taking an average of all the interest rates and charging some fee as well. So I did not see an advantage at this point. Your additional thoughts please.
I would stay away from consolidation, if possible. I would just focus on paying down the higher interest rate loans first. You should be able to knock down several loans, and then only be left with a couple
Ok thank you for your time.
You're welcome. Is there anything else that I can assist you with today?
Well if you do not mind, a follow up question. In paying these loans down I would assume I am gaining a credit history. In addition I would like to apply for a credit card to add additional credit history. Is that a good idea and do you have any added advice on building a credit history?
Yes, you are gaining a credit history. If you get a credit card, you want to make sure that you do not maintain a balance of more than 1/2 of the credit limit.
Yes, that is what I have learned from reading some articles about what credit rating agencies look at. OK thank you. I guess that is it for today.
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