http://www.BorrowFromNone.com/2008/08/determining-which-loan-to-pay-off-first/ Blending simple and straightforward financial discussion with Biblical principles to assist normal people like us in being good stewards of our finances. This site includes tips for increasing income, reducing expenses, getting out of debt, saving, investing, and being content. Wed, 25 Jan 2012 13:46:22 -0700 http://wordpress.org/?v=abc hourly 1 http://www.BorrowFromNone.com/2008/08/determining-which-loan-to-pay-off-first/comment-page-1/#comment-2765 Instant Business Credit Card Fri, 25 Jun 2010 01:27:44 +0000 http://www.BorrowFromNone.com/?p=111#comment-2765 This is a great post. I used to have this same dilemma, but I learned a great strategy called the snowball effect. I don't know if anyone has used this but how it works is you pay the minimums on all the debts you have except the smallest one. For the smallest debt you pay as much as you can ( hopefully 3-5 times the min) and once that is paid off you move onto the next smallest one and you add the minimum and the big chunk you were paying for the last debt and put that towards the next smallest debt. It works every time and I love it. You need to try it if you haven't already. .-= Instant Business Credit Card´s last blog ..<a href="http://www.thebusinesscreditcard.com/corporate-business-credit-cards-and-small-business-credit-cards-compared/" rel="nofollow">Corporate Business Credit Cards And Small Business Credit Cards Compared</a> =-. This is a great post. I used to have this same dilemma, but I learned a great strategy called the snowball effect. I don’t know if anyone has used this but how it works is you pay the minimums on all the debts you have except the smallest one. For the smallest debt you pay as much as you can ( hopefully 3-5 times the min) and once that is paid off you move onto the next smallest one and you add the minimum and the big chunk you were paying for the last debt and put that towards the next smallest debt. It works every time and I love it. You need to try it if you haven’t already.
.-= Instant Business Credit Card´s last blog ..Corporate Business Credit Cards And Small Business Credit Cards Compared =-.

]]> http://www.BorrowFromNone.com/2008/08/determining-which-loan-to-pay-off-first/comment-page-1/#comment-547 Pawnshops New England Tue, 21 Apr 2009 09:03:30 +0000 http://www.BorrowFromNone.com/?p=111#comment-547 A loan is a type of debt. This article focuses exclusively on monetary loans, although, in practice, any material object might be lent. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower. A loan is a type of debt. This article focuses exclusively on monetary loans, although, in practice, any material object might be lent. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.

]]> http://www.BorrowFromNone.com/2008/08/determining-which-loan-to-pay-off-first/comment-page-1/#comment-382 Loan Modification Girl Thu, 29 Jan 2009 01:30:49 +0000 http://www.BorrowFromNone.com/?p=111#comment-382 College is becoming increasingly difficult to afford. Thanks again for this post. Really nice post. College is becoming increasingly difficult to afford. Thanks again for this post. Really nice post.

]]> http://www.BorrowFromNone.com/2008/08/determining-which-loan-to-pay-off-first/comment-page-1/#comment-27 John Mon, 04 Aug 2008 15:34:27 +0000 http://www.BorrowFromNone.com/?p=111#comment-27 Tim, It sounds like you have a good plan for getting rid of your loans. Good luck and stick to it. Just think, after you pay off that student loan, that $620 goes right into your pocket each month - that's like getting a huge raise! Thanks for the comment. Tim,
It sounds like you have a good plan for getting rid of your loans. Good luck and stick to it. Just think, after you pay off that student loan, that $620 goes right into your pocket each month – that’s like getting a huge raise!
Thanks for the comment.

]]> http://www.BorrowFromNone.com/2008/08/determining-which-loan-to-pay-off-first/comment-page-1/#comment-26 Tim Mon, 04 Aug 2008 14:43:33 +0000 http://www.BorrowFromNone.com/?p=111#comment-26 I am in a similar situation, but it involves school loans and a car loan...school loans have the tax benefit. I am choosing to pay off the car loan even though the interest rate is higher on the student loan. The debt from the car loan is of no benefit to me. Plus, once it is paid off it will give me an additional $290 to put toward the school loan (now going to car loan). If all goes well in the perfect world...I would be paying $620/mo toward a $130/mo student loan once the car loan is paid off. That is nearly 5 times the current payment and the student loan would be paid off in about 1 year. I am in a similar situation, but it involves school loans and a car loan…school loans have the tax benefit. I am choosing to pay off the car loan even though the interest rate is higher on the student loan. The debt from the car loan is of no benefit to me. Plus, once it is paid off it will give me an additional $290 to put toward the school loan (now going to car loan). If all goes well in the perfect world…I would be paying $620/mo toward a $130/mo student loan once the car loan is paid off. That is nearly 5 times the current payment and the student loan would be paid off in about 1 year.

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