- This topic has 31 replies, 1 voice, and was last updated April 1, 2008 at 7:10 pm by .
- April 1, 2008 at 7:10 pm #261838
P.S. Be aware that the house mortgage is compound interest……and the student loan may be simple interest. That is a major thing to investigate and understand. You don’t want to continually borrow on it, however, because you can in effect cause “compound interest” by locking the interest into becoming principle and then you are paying interest on interest. Personally, I would concentrate on the student loan, even though it is simple interest.
Usually focus on the smallest loan and pay first. You have to consider quite a few thigs and figure it out…. dash
Either. Some budget gurus say to use it on the account with the
lowest balance, so that you can get one bill paid down fast and SEE
the results quickly, which, in turn, makes you feel better. Others
say to apply it towards the debt with the highest interest, although
you don’t see the return or result as quickly.
On Sat, Aug 16, 2008 at 10:17 PM, Nicole <firstname.lastname@example.org> wrote:
> Would you pay extra on a house loan or a student loan? The student loan
> is broken into small private loans. I think this is my best option. On
> the other hand we refinanced our home to help some family out and I
> would like to get the principal down.
> I would appreciate any advice.
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