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Answered in 15 minutes by:
10/31/2009
James Heal, Financial Advisor
Category: Finance
Satisfied Customers: 498
Experience: 15 years expertise in all ares of personal finance, including credit cards, mortgages, real estate.
VerifiedThanks for the question.
I'm sorry to hear about your situation.
Absolutely payoff the auto loan.
There are a couple reasons for this:
First, it probably comes with a higher payment than the credit cards and you need to payoff the highest payment debts first. Don't worry about the interest rates on the debts at this time in your current situation. When you get into a better financial situation then payoff the highest interest rates first.
Second, if, and I say if you need to file bankruptcy, a chapter 7 would probably let you walk away from the unsecured debts such as credit cards. Therefore I would not recommend paying them off the unsecured debts at this point.
I do like your idea about paying off the car and reducing your monthly debt payments substantially.
I think this may be the exact way for you to hang on just long enough for a new or something to go your way financially.
Regards.
James Heal, Financial Advisor
Category: Finance
Satisfied Customers: 498
Experience: 15 years expertise in all ares of personal finance, including credit cards, mortgages, real estate.
VerifiedJames Heal and 87 other Finance Specialists are ready to help you
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