Help...Best and wisest answer?

Question

If you are getting about $60,000, and you already have about $30,000 debts, which you are paying about $400 in inteest omn them. and your rent is $1,300/month on a one Bed room. also leasing a car with $400 monthly payment.

the question: where should your $60,000 go--pay off debts..or down payment??

10 points for the wisest answer.

Answer 1

With the information given with just paying the $1,700/month, you have $9,600 to do other stuff with. With what you gave I don't see the major problem. I mean, you are going to have to give a lot more information on what you are paying for per month. The best thing to always do in any case would be live as humbly as you can and pay off the debt as much as you can.

Answer 2

Rent?  Lease?  Ew.  If you're going to pay $1300 monthly to rent, why not own?  There's just no reason to rent.  When you own a house, that's an investment.  That's something you can sell later on for a profit.  That would really help.  At least your money would be going somewhere.  When you rent you're just throwing it away.  Leasing kills too.  You should own a car outright.  Leasing and renting will always keep a monthly bill and you'll never own anything.  When you own a house and a car, those are two things you can sell later on.  You lose so much money on renting and leasing.  What do you want the down payment for?  Definitely get rid of the credit card debt.  That interest is going to make it so hard to pay off.  That's the first thing especially with $30,000.  That's brutal and that's going to hurt you so bad in the future.  That much debt will really prevent you from doing a lot of things.  Then you'll still have $30,000 left over which would be a good down payment on a house.

Answer 3

I'll suggest you pay your rent.Then down payment 15.000 or more for your bills, 200  for the car.You can pay 200 for the interest .HTH

Answer 4

1. PAY OFF ALL THE DEBT.

2. Move to a lower rent area.

3. Open a Roth Ira. Max out contribution.

4. Tear up all credit cards except one - AMEX and 1 Debit card. Pay cash for all your purchases.

You may not get a second chance to do this right again.

be wise.

be well.