Thursday, March 31, 2016

Better to pay off credit card debt or pay cash on a car?


I currently have about 6000 in credit card debt. Which I pay about 200 in minimum fees a month on. Only the minimum. Always pay on time never late. Have mortgage on time never late. So overall credit is not bad. I need a newer car. I figure i can get at least 7000 if i sell both of my cars. Would it be better to use cash from selling my cars on paying off debt on credit cards and than buying a newer car on a loan? Or continue to pay minimum on credit cards and take out loan to get a new car? Figuring loan payments will be about 200 a month.

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