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November 2012 Moms
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NBR: Financial priorities?

SLHurst11SLHurst11
in November 2012 Moms

We have just aquired a new debt (bill for engine repair).  It is about the same $ amount as current credit card debt.  I had originally planned to wipe out the credit card debt before baby arrives.  However, it is important to our family to maintain a good relationship with the engine builder for multiple reasons.

Which would you focus on first?  Paying off the credit card (which has interest charges and a somewhat high fixed payment), or paying the engine builder (who charges no interest and no minimum monthly payments, but is important to maintain a strong relationship with).  Splitting it evenly isn't really an option due to time constraints... which would you push more heavily toward eliminating first?

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Re: NBR: Financial priorities?

  • FrickandFrackFrickandFrack member
    I would focus on the credit card debt.
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  • Sprite2012Sprite2012 member
    Definitely pay off credit card debt first.
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  • CandaceLeighCandaceLeigh member

    imagekfrix13:
    I would focus on the credit card debt.

    This.  Pay off that which charges interest first.  Give a minimum explanation to the engine builder and ask him to work with you.  This will help keep your relationship in tact.



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  • BBhopes15BBhopes15 member
    imagekfrix13:
    I would focus on the credit card debt.
    This. Since the relationship is important I would explain the situation. I'm sure the engine builder will understand if the strong relationship bond is mutual. If you can't split it in half maybe you can start the builder with a double installment and then move to monthly installments. Hope that makes sense. GL!
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  • persephonerosepersephonerose member

    Since the engine builder already allows you to pay with no interest and no minimum I would not think it would damage the relationship. As long as you maintain the payments to him based on his requirements I think you should be ok.

    In the long run paying off the credit card is going to save you the most money and give you more benefit to your credit score. 

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  • Bride92010Bride92010
    I'm really trying to lower our CC debt as well so I agree with the PP.
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  • shutupanddance07shutupanddance07 member
    I agree. Figure out a number you can pay the engine builder monthly or weekly (ten or 20 bucks a week is still a payment), and get rid of those credit cards. Those things will eat your whole life, and they'll cost way more...
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