C.c or helc----what to try and pay off more??

[Krischaser]

Hi I have c.c debt and helc. What do we try to pay more towards first?

 

[HeyIt'sMe]

I'd pay the secured debt (HELC) first.

 

[magiclj]

My theory is to pay off the one with the highest interest rate. If your charge card has a 20% rate and the other only a 10% you would be better getting rid of the charge card first.

 

[minnie1928]

My theory is to pay off the one with the highest interest rate. If your charge card has a 20% rate and the other only a 10% you would be better getting rid of the charge card first.

Don't forget, the HELOC interest could be tax deductible too. That would make the rate difference even greater.

 

[wdwfan16]

If I was not worried about losing my job in the near future and had some money in savings then I would do the CC, which most likely has a higher rate on it.

If the HELOC has a higher rate or you job is in jeopardy then I would concentrate on the HELOC.

 

[JoiseyMom]

CC debt... I am sure it has a higher interest rate and it is not tax deductible.

 

[Aisling]

CC debt... I am sure it has a higher interest rate and it is not tax deductible.

I agree.

 

[Golf4food]

CC debt... I am sure it has a higher interest rate and it is not tax deductible.

Ditto.

 

[PatsMom]

Credit card first.

 

[Cheshire Figment]

The CC first. The interest rate is more than likely much higher than that of the HELOC and also you can deduct the HELOC interest on your taxes.