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Should I pay off my credit cards or my auto loan first?
I recently inherited $30,000. I want to get completely out of debt, but I'm not sure what to pay off first.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“First off, set aside some money (maybe $1,000 to $5,000) for an emergency fund.
After that, the general rule is to pay whatever debt has the highest interest rate. This will most likely be your credit card debt.
If you have money left over, you can put it toward your car loan or invest it in something safe (such as bonds or mutual funds). In this manner, you can get rid of high-interest debt first and lower your interest payments overall.”
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- Gregory R.
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