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Old 03-08-2011, 06:02 PM
 
Location: Portland, OR
8,802 posts, read 8,861,522 times
Reputation: 4512

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Balance: 11,200
Interest Rate: 6.8%
Minimum PMT: $137 over 10 years

My payments started in December so I just started paying. I was thinking of paying $300 per month, but then thought maybe paying the loan back in weaker dollars for a longer period of time would be better, while I currently put my money elsewhere. Your opinions?
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Old 03-08-2011, 07:11 PM
 
Location: The Milky Way Galaxy
2,256 posts, read 6,932,584 times
Reputation: 1520
I honestly recommend putting in as much as you can and pay off the debt. Putting your money somewhere else right now thinking you can get back at least 6.8% or better right now is a little risky and paying off earlier means you'll pay less interest on the $11,200 as long as the extra money gets put toward the principal after you pay the monthly minimum. I recommend doing this whether your rate is fixed or variable but especially recommend it even more if its variable....the 6.8% is more likely to go up than down. Good luck
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Old 03-08-2011, 07:45 PM
 
48,505 posts, read 96,496,294 times
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Get rid of any debt as fast as you practically can is my advise.
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Old 03-09-2011, 12:46 PM
 
140 posts, read 298,061 times
Reputation: 229
Can you invest/save and be guaranteed at least a 6.8% return? If not, pay as much as you can each month.
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Old 03-09-2011, 06:08 PM
 
Location: In America's Heartland
929 posts, read 2,086,135 times
Reputation: 1196
Pay it off as fast as you can. When your kids go to college save up or pay as you go.
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