Where can I find good financial advice about paying back loans?
Nora asked:
I would like to find information about how to go about paying back several loans. Two loans are quite big and two are small. Which does it make more sense to pay off first the ones with the smallest amount or the highest interest?
I would like to find information about how to go about paying back several loans. Two loans are quite big and two are small. Which does it make more sense to pay off first the ones with the smallest amount or the highest interest?
After paying back loans how long before your credit become in good standing? One of the loans was delinquent.
Tags: Financial Advice, Financial Loans
November 20th, 2009 at 12:30 am
I would go talk with my local banker! Yes that’s why they are there. and minimum plus 5 dollars on all accounts any extra money goes to highest interest first.
November 21st, 2009 at 10:38 am
Paying off the highest interest loan first makes the most sense. The interest you save can help pay off other debts.
If the delinquent loan just had late payments, you need to pay on it for 24 months to offset the lates. However, if you defaulted and the account was charged off and sent to collections, paying it will not improve your score. But paid old debt looks better than unpaid.