Shoud I pay of a credit card balance of 14K at 6.99 or 17K on a car note with 2.99?

Question

I ask becasue of the depreciation on the vehicle and the fact that I am upside down on the vehicle.

Answer 1

Forget depreciation.  Pay off the high interest rate debt first.  You want to reduce the amount of debt service you are paying.

Answer 2

Pay off the credit card balance first (unsecured debt) and then tackle the car note next. With the car note the interest is fixed for the term of the loan so even if you miss a payment they wont hike up your rate (but please dont miss any though!). With credit cards balance you are playing with fire! That 6.99 interest can easily escalate to 30% just coz the credit card company felt like doing so, and most often than not there is nothing you can do about it.