Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Paying Your Bills
Profile Image

Question By
MalFunkShun

1 Contribution
0 People Helped
Should I pay off my consolidation loan with a higher monthly payment? Or my closed credit card acct.
I have a consolidation loan through my credit union at $124/mo, and a closed credit card I've been paying ~50 a month on. Both are roughly the same amount of money. (~$1200)

Would it be wiser to pay off the loan first and use that money towards the credit card? Or vice versa? I have the money to pay off both right now, just can't decide which to pay off.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7371 Contributions
3811 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

If you have the money to pay both debts off right now, I suggest doing so.  It is best to have plenty of credit available for use and not use more than you can pay in full every month, than to be paying interest on something.

Reply by
MalFunkShun

1 Contribution
0 People Helped

Sorry, I should have specified that I could pay off one or the other.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.