Should I pay off the truck which we owe 10,000 and pay 460 a month? Or put the 10,000 towards the am ex bill?

Question

Should I pay off the truck which we owe 10,000 and pay 460 a month? Or put the 10,000 towards the am ex bill?

Answer 1

This is easy.  Amex.

Unless you have the worst credit credit score in the world your Amex rate is higher than your car loan rate.

Send the check today.

Answer 2

Whichever has the higher interest rate is the one you should pay down first.

Answer 3

Pay off the Amex bill.

where there is credit card debt 50% or more of the total credit limit is a negative on the credit score.  

Answer 4

Pay off which ever one has the highest interest rate.  Then you can take what you've been paying for the car and the credit card and pay it towards the other to get it paid off quicker.  Be sure that anything you pay over the minimum/monthly payment goes towards the principal.  This will decrease the amount of interest you end up paying and save you money.