I've been lurking on the list for a few months and I want to first and foremost thank everyone for the great advice that I've gleaned from the many posts
I am working on reducing my debt (better late than never) and I'm kinda lost on how I should proceed with paying it down, or (and this is the big question) should I bother paying it down in advance...
My debt is structured like so:
$7,000 - credit cards $33,000 - personal loan (0% interest for life, paying $500/mo, owed to a family member who's not too concerned with it being paid back early) $55,000 - student loans (3.35% interest (locked in), paying $290/mo) $112,000 - mortgage (6.5 or 6.75% interest (not sure off the top of my head, but locked in), paying $1020/mo)
I am working feverishly on paying down the credit card debt, and it will be gone by January. But after that, I have no idea where to put the roughly $1000/mo disposable income that I have left.
In my thinking, the mortgage rate is not bad, the student loan interest is not bad at all, and the personal loan interest can't be beat. Given that the mortgage and the student loan interest is all tax deductible, should I even bother paying any of them off early? Or should I sock the money away elsewhere? What would be more beneficial in the long run?
Thanks again for any help! Mike