10,000 from ssia - pay against mortgage or credit union loan?

M

mrsd

Guest

• 16 Jul 2006

• #1

hi

have 17k credit union loan and 170k mortgage - against which should i pay of the 10k from ssia?

thanks

martina

 

C

CCOVICH

Registered User

Messages

8,827

• 16 Jul 2006

• #2

General advice is to pay off whichever loans carry the highest APR/interest rate.

That would imply that it is better to pay off the CU loan first.

 

B

bambino

Registered User

Messages

151

• 16 Jul 2006

• #3

I'd pay off the CU aswell, higher apr and repays etc. Unless your mortgage is very small 10k won't make a hige difference to it.