Credit Cards vs. Car Payment

B

Botch

Guest
Hello,

I was hoping I could get some opinions on this topic...

My Wife and I have about $17K in CC debt, and we need a 2nd car. I just recieved return on an investment in the amount of $17k.

Should I pay off the credit cards all at once, and then go finance a car?
Or should I buy a car with the $17k and keep paying the credit cards.

Currently I am paying the credit cards double the minimum each month.

Thank You.
 
Hi there,
I would pay of the CC, the interest on the CC would be higher than that of a car loan.
 
Pay off your credit cards as you are probably paying double digit interest 14% or higher. You can get a car loan for around 7% or 8%. Its worth doing your homework with the various banks etc to get the best deal. Finance deals in the garages can be much higher so beware!
 
Hi Botch,

You might not have noticed but Askaboutmoney is a discussion forum on Irish consumer finance issues.

.

aj
 
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