Which is better?

Payoff a CC/pay down student loan

Or

Payoff student loan/paydown CC

They both have around the same interest rate.

 

Your student-loan interest may be deductible. If that's the case, pay off the CC first.

 

Probably depends on how interest is calculated per month, but it's safe to say that credit cards suck more than any other type of loan so my vote is for paying the CC off first. Plus, I agree about the student loan deduction. I don't think you even have to itemize to get it.

 

2 schools of thought

1) Highest rate first
2) Lowest balance first

Without knowing either, I still vote CCs.

 

student loan is tax deductable...so credit card payoff.

 

Here is a chart from bankrate.com. I am going to pay the CC off first.

Good debt vs. bad debt


Good debt
• Mortgage
• School loan
• Real estate loan
• Business loan

Bad debt
• Credit card
• Store credit card
• Auto loan

 

i would definetly get rid of the CC first or at least put it into an installment loan. I hate credit cards.

 

No brainer, CC.

 

Paying off credit card will help you FICO score sooner than paying down your student loan.

Paying CC FTW.

 

pay off CC first.

I'm still paying on my student loan and really am not really in any rush to pay it off. I just pay a little over my monthly payments rounded to the nearest $10 (i.e. 193.34 rounded to $200, or $154.34 rounded to $160.00). Plus I get a tax deduction; and while not much, its better than nothing.

 

CC first, SL later.

Note The amount you can deduct for a student loan goes down after you make $50000, and is zero when you hit $65K, so it can be pretty minimal.

 

o rly?

Didnt know that. That sucks.