Overpaying each loan monthly or funnel all into one? My wife and myself currently have 4 loans in total between us. 3 Student Loans and our Mortgage. I’ve been doing the math on how much each loan will cost us based on how we pay them back. I know ultimately paying into what costs us the most in interest monthly as well as over time is going to most likely save us the most money. However part of m…

Needing advise for getting a loan to pay off my truck. I owe $12,195 on my truck still, which puts me upside down. It’s a 2011 Sierra 1500. I’m drowning in debt after I was laid off in January and had to change industries since pretty much all home builders in my area laid off a ton of people around that same time. I took a job working from home but it was about 30k less, including bonuses/auto allo…

Under Water Car Loan A year and a half ago, I got my first car. I wasn’t aware how much this would affect me. I signed a 72-month car loan for a car not worth nearly as much. I wish I could go back. I’m realizing the money I’m spending on the car could have been a house in future, along with plane tickets to see my family. I could really use some advice on what to d…

Share holder loan to pay off mortgage? Hey all, Just preface by saying I’m in Canada. In 4 years time I (should) have enough in my Corp acct to pay off my mortgage (renews in 4 years). If rates stay high I would like to just pay it off at that time. An accountant advised me to use a shareholder loan, pay off the mortgage and then use a HELOC to pay back the shareholder loan. Then…

Which auto loan option is better? 2023 Mazda CX 30 select About $27,000 $5,400 (20%) downpayment 2.9% 36mo loan vs 4.9% 60mo loan (manufacturer promo rates) So it would be about $620 vs $400 monthly payment I’d be paying nearly 3 times the amount in interest at the end of the day with the 60mo loan. But if I invested what I’d be saving with the lower monthly payment, would tha…

Student loan mistake…. I am currently almost $200,000 in student loan debt…. Long story how I got there (mostly years of not understanding what it meant to keep pushing it off until I had a good, steady job but also a few other things) I’ve never been knowledgeable on finances and didn’t come from a family who focused on or understood finances whatsoever (my mom would…

Should I pay off my student loan in lump sum? Hello, so I had approximately 45K in student loans and paid off about 15K during payment pause. However, now I am left with roughly $30K in student loans and have been thinking if I should pay off my student loan in a lump sum amount so that it isn’t hanging over my head. If I were to pay the lump sum amount, I’m wondering whether there’s a bett…

Investing cash received for student loan I am in my first year of a master’s degree and I took out a student loan to finance it. I will soon receive all the cash on my bank account, but I will pay uni fees with monthly instalments from January. The idea of having all this cash there doing nothing and losing value with inflation, waiting to be paid to my university doesn’t feel sensibl…

Will Restart of Student Loan Payments Be the Last Straw for Consumers? Americans have continued spending despite dwindling savings and inflation. But retailers worry resuming loan payments could push some over the edge.

Inherited a 401k. Pay off student loan or save it? My wife and I had just finished paying off all CC debt and our cars while student loans payments were paused. It was about 40k in total. We just have a mortgage for 275k. My wife recently finished her MBA and thats about 80k. Our combined gross income is 210. My uncle was saving for retirement his entire life, but sadly lost his battle with can…

Should I switch to the SAVE student loan repayment plan even if I can afford my payments without it? I am among that large group of people who will be resuming payments on my student loans this month. Basic info- I make 60K individually in a dual income household (soon to be married) with a total household income of 150K. We live in a HIGH cost of living area and are saving up for a condo in a very competitive/expensive area. We hope to purch…

Need a vehicle for work and got denied a 8800$ loan for a Motorcycle. First time applying for any loan at all. Need some advice where to go from here I’ve been out of a vehicle ever since my previous bike died on me 4 months ago. I decided a motorcycle would still be my best bet since that’s what Im comfortable with. As of right now I’m renting from my company to get around. I make 3100 before taxes and only have rent and groceries to worry about. In terms of debt I owe 1800 on my credit card…

Getting a personal loan to pay off wife’s private student loan I recently got married and have been working to combine finances and tackle debts collectively. I noticed my wife has one Private Student loan that is managed by UAS connect but the lendor is “the ohio educational credit union (undergrad loan). Interest rate on it is 12.25% ​ I presonally got qualified for a loan through SoFi for around 5%. ​ I…

Confused about my loan I’m very new to finances so please pardon my ignorance. I took out a $15000 loan at 17.25% interest (48 term) to completely pay off 2 credit cards then just kept the remaining amount in my savings which was $3000 of the loan. I had my first monthly payment of 456.86 a couple days ago and noticed the principle was only 172.95 while the interest w…

Personal Student Loan Hell I need help badly. Long story short, almost all of my student loans had to be refinanced to private loans. I was extremely ignorant to this process while I was in school and left a lot of the decisions to my mom and Grandma. I should’ve been way more involved in the process and I regret so much putting this all on them. They did the best job the…

A Personal Loan does make sense for me, Right? Ok, so I believe I have my answer I just want to make sure I am not missing anything. Should I take out a personal loan to consolidate my CC debt, work a second job, or a mixture of both? Between my wife and I we have about $33,000 in credit card debt on two cards (13K and 20K) that have APRs of ~27%. Currently I am paying about $950 in total …

Personal loan for CC debt? I have 11k in CC due to a series of life events including using it to make ends meet, school and honestly just not being taught anything about money and a mom who really only said “it’s fine just make the minimum payments.” I have a better job now (although I have student loans federal and private. Roughly $700 monthly which I hate but I can man…

Should I Just Pay Off Auto Loan? Hi all, Wondering what you would do in our position: We have $40k in a HYSA earning 4.5% right now (that is our emergency fund which could cover 4-6 months if needed). Just bought a car and have a new $20k auto loan at 6% (we put ~$10k down). Would you just bite the bullet and pay off the full loan from the HYSA? ​ submitted by /u/gc62…

Should I pay my sister’s auto loan? My younger sister is a single mother and has been for most of her adult life. She’s had a hard life, and through it all, she’s never stopped working to try and provide for her two girls. However, she is terrible with money, and rather than learn some hard lessons, she’s repeatedly leaned on my parents to the tune of tens of thousands of dollars….

One main financial loan I am gearing up to get a loan through one main financial however they are using my car as collateral on it. I don’t have an issue with that but what I can say is that the car is NOT in good shape. At face value, it looks good. But there is a timing chain issue that needs to be resolved before it can be driven safely. It’s EXPENSIVE and I only h…