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Reply to "Pay off line of Credit?"
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[quote=Anonymous]I am in need of financial advice. I have a line of credit (owed 37K) that due to non payment on my end (misunderstanding) now has an interest rate of 12%. I found out about non payment in April and have since paid 14K to it so I now owe 23K. I have no savings and I have only very minimal saved towards retirement. I had a very low paying job, went back to school and now finally at 40 have a good income. Bring home about 6K a month. Expenses are about 3K a month so have 3K left to put towards line of credit or savings. No credit card debt or other debt except mortgage. I also have a second line of credit that I have never used (10K) that has a 7% interest rate on it. Should I max that out and put the 10K towards my higher interest line of credit? Should I just put the full 3K towards the high interest line of credit until paid off?[/quote]
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