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Reply to "Make $200k, credit card debt, no savings "
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[quote=Anonymous]What are the interest rates on the credit card, student loan, and 401(k) loans? Assuming that the credit card rate is the highest, it makes sense to pay the minimum on everything, then pay the credit card down. Possible exception would be that 401(k) loans usually need to be paid off immediately if you lose your job or change jobs. Since that is a (relatively) small amount, it might make sense to pay that off immediately, especially if losing your job is a possibility, or if there is a chance of getting a better-paying job. Pay the student loans and IRS as agreed, but, unless the interest rates are particularly high, it makes little sense to make either one a priority. Possible exception: if bankruptcy is a possibility, then do not pay anything toward the credit card debt, as that is the one that would most likely be reduced or discharged. How old is OP? Minimal savings at age 25 would not be terribly concerning, but minimal savings at 55 would be. [/quote]
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