lookingfordavid
New member
Current plan is to pay off ALL debt and start from scratch. But wondering now if it’s better to invest some and pay off some.
Outstanding debt
Approx 40k in 2 vehicle loans.
Loan 1 approx 10k at 3%
Loan 2 approx 30k at 4.6%
Wife’s student loans
Approx 19k at 4.04%
Credit Card debt
CC 1 approx 1500 at 0.0% for life (Best Buy visa SCRA slaps)
CC2 approx 12000 at 5.9%
VIVINT home security loan
Approx 1500 at 0.0%
The CC debt is still being paid off from years back when I was a dumb young adult who piled up nearly 25k in CC debt. Paying down it aggressively over the last year now that the spouse has a good job. Moved entirely over to the AMEX Plat and fixed all the bad credit card habits.
Current plan is to pay off all the outstanding debt we have, it would free up approx 1500+ per month we currently have going towards car loans and credit cards.
At a minimum, I want to pay the credit card loans off, but I also really like the idea of being debt free and having both vehicles paid off.
Wife’s income is approx 65k a year, and I currently make approx 75k with BAH/BAS.
Just wondering if paying off all the debt is the best move, or if it would be better to pay off the consumer debt and pack the rest away into a HYSA or investments. Meeting with a financial advisor after I return as well to address retirements and funds. Wife works for the state and I will do the full 20 years under the old high 3 retirement plan, so a pension is in both of our futures.
Outstanding debt
Approx 40k in 2 vehicle loans.
Loan 1 approx 10k at 3%
Loan 2 approx 30k at 4.6%
Wife’s student loans
Approx 19k at 4.04%
Credit Card debt
CC 1 approx 1500 at 0.0% for life (Best Buy visa SCRA slaps)
CC2 approx 12000 at 5.9%
VIVINT home security loan
Approx 1500 at 0.0%
The CC debt is still being paid off from years back when I was a dumb young adult who piled up nearly 25k in CC debt. Paying down it aggressively over the last year now that the spouse has a good job. Moved entirely over to the AMEX Plat and fixed all the bad credit card habits.
Current plan is to pay off all the outstanding debt we have, it would free up approx 1500+ per month we currently have going towards car loans and credit cards.
At a minimum, I want to pay the credit card loans off, but I also really like the idea of being debt free and having both vehicles paid off.
Wife’s income is approx 65k a year, and I currently make approx 75k with BAH/BAS.
Just wondering if paying off all the debt is the best move, or if it would be better to pay off the consumer debt and pack the rest away into a HYSA or investments. Meeting with a financial advisor after I return as well to address retirements and funds. Wife works for the state and I will do the full 20 years under the old high 3 retirement plan, so a pension is in both of our futures.