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Need advice really quick please! :) POLL

Posted by on Aug. 31, 2010 at 11:31 AM
  • 14 Replies

 

Poll

Question: Pay off small debts or give money back to school?

Options:

Pay off debts

Give money back to school


Only group members can vote in this poll.

Total Votes: 32

View Results

So DH and I have been in the process of paying off our debts. We have about 50 000 in debt. We recently read Dave Ramsey's book but are unsure what to do in this situation. In a week or I am getting back about $3,000 from left over financial aid student loans from my college. It is there for me to spend on whatever. I bought a laptop last year I needed and paid the rest back. I have two options. Either I pay back the money to the school or we use that money to pay off some of our smaller debts. The way Dave Ramsey has us do it is a debt snowball where we pay off the smallest debts first and then work our way up. I could pay off at least 2 or 3 small debts. So...

Pay money back to school

OR

Pay off some small debts

by on Aug. 31, 2010 at 11:31 AM
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Replies (1-10):
zoeysmom331
by on Aug. 31, 2010 at 11:39 AM

 We follow Dave Ramsey as well. I say pay off the smaller debts. In the long run the interest on those will add up to more than the interest on the student loan, so it makes sense to pay off a few smaller ones first and save the interest

dosthepost
by on Aug. 31, 2010 at 11:40 AM

small debts :)

Brandy.B
by on Aug. 31, 2010 at 11:49 AM

BUMP!

nowaygourmet
by Gold Member on Aug. 31, 2010 at 11:51 AM
i cant vote but i agree with this


Quoting dosthepost:

small debts :)


Posted on CafeMom Mobile
daiseymae2
by on Aug. 31, 2010 at 11:55 AM
Same here.

Quoting nowaygourmet:

i cant vote but i agree with this




Quoting dosthepost:

small debts :)


Posted on CafeMom Mobile
kerijeanbean
by on Aug. 31, 2010 at 11:56 AM

I say small debts too.

ShadowRaven
by on Aug. 31, 2010 at 12:10 PM

I don't follow Dave Ramsey, but paying off smaller debts is what I would do. Doing so would help improve your credit, whereas giving the money back to the school wouldn't.

canthaveboys1
by on Aug. 31, 2010 at 12:43 PM

 

Quoting ShadowRaven:

I don't follow Dave Ramsey, but paying off smaller debts is what I would do. Doing so would help improve your credit, whereas giving the money back to the school wouldn't.

 


dustinsmommy74
by on Aug. 31, 2010 at 1:34 PM

Pay off smaller debts.

haydall
by on Aug. 31, 2010 at 1:37 PM

IMO, you pay off whatever has the highest interest. In terms of debt, I believe in paying highest interest first, then the next and so forth. Student loans are set at 6.8% and depending on your repayment plan, can be deferred. The interest you pay is also tax deductible.

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