I have a situation I have been struggling with.
DH has two large bills. We want to pay them off but it's taking forever.
One is a credit card with 0% for half the balance. The bill is $200 a month.
The other is a loan that is half the debt of the CC but also $200 a month.
1)Should we pay off the loan and save $200 until we can pay the CC in full?
2)Pay off the loan and put the extra $200 to the CC each month?
3)Continue saving until we can pay the CC off first(about 5 more months) then the loan since it's a scheduled payment?
4) Other...explain
DH has two large bills. We want to pay them off but it's taking forever.
One is a credit card with 0% for half the balance. The bill is $200 a month.
The other is a loan that is half the debt of the CC but also $200 a month.
1)Should we pay off the loan and save $200 until we can pay the CC in full?
2)Pay off the loan and put the extra $200 to the CC each month?
3)Continue saving until we can pay the CC off first(about 5 more months) then the loan since it's a scheduled payment?
4) Other...explain