Auto loan or credit card – Which one should I pay first?

I owe $15,000 on a BofA credit card with an interest rate of around 10%. I will get around $8500 after tax bonus in the next month. Should I utilize it to repay my credit card debt? I also have to pay around $10000 on an auto loan. Which one should I pay first?

2 Answers

There is a simple solution to your query. You can use a part of the money towards the payment of auto loan. You can use the remaining amount to make payments on the credit cards. Congrats for qualifying the after tax bonus.


Pay the debt with the highest interest rate.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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