Sallie Mae V Wells Fargo

[seaeagle1918]

Okay so I owe sallie mae 50,000 dollars and Wells Fargo 6,000 bucks. I have a total credit card debt of around 1,500 dollars.

I have 15,000 cash and I am wondering who I should pay for first. Should I pay Sallie Mae 15,000? 15K would take a big chunk out of the money I owe SM. However, 15,000 would also pay off my Wells Fargo loan and my credit cards.

Any suggestions? Thanks,Craig.

[NeverServed]

Pay off wells fargo and cc and then. Attack some of the sallie mae that way you only have 1 payment to worry about

[StudLoanGuru]

Agree with NeverServed. When tackling several types of debt the strategy should always pay off the smallest balances first, and then when you pay that off work on the next smallest, etc. Even if the interest rates are larger on the big balances, always take them off one at a time.

[seaeagle1918]

Thanks a bunch. I shall pay off the cc and WF loan first. I was so crazy getting those Sallie Mae loans.

[seaeagle1918]

Well I just finished paying off my WF loan and my CCs. Granted, I still have a 50k SM loan to pay. However, it does feel good getting rid of the 3 smaller loans. Baby steps I suppose.