Okay, so in case you didn't catch it, I decided not to declare bankruptcy. I went ahead and cashed out part of my college fund (took out $5500) at a small fee. I left enough in there to cover the Academy later this year, and there is enough to cover CDL school as well in case the Academy doesn't work out. So, I don't need to worry about those. My main question is, what would be more beneficial to pay down. Rounded for easier math:

CC: $24,500 @ 9.9%
Prelude: $7200 @ 10.9%
GS500F: $4500 @ 22%

I never really paid attention to my bikes interest rate, only cared about the monthly payments at the time. Now that I see it's APR though, I'm kinda wondering if I should just pay that in full (would free up $141/month) It also has a cosigner. I AM trying to sell the Prelude, but for the time being let's just include it in my figures.

I can pay $1000/month on the card no problem, but paying off the bike would bump that number up, as well as the Prelude when it sells.

So, pay down the CC or PAY OFF the GS?

 

Always pay off the highest interest rate debt first. So in this case, pay off the GS500 immediately, then start paying down the prelude.

 

if you have to keep the bike, pay off the bike. 22% is freakin crazy

is that CC debt all on one CC?

 

pay off your bike asap! thats a crazy high rate

 

Pay off the bike...sell the bike...then pay off the lude with the proceeds from the bike

 

Makes sense, except I'm just gonna keep paying the prelude at it's set rate for a bit more. I am trying to sell it, but in the event I were to keep it, what you say is true.

Keeping the bike. Yeah, one CC.

Werd.

Noooo

 

Well good luck with that then............

 

Jesus those rates hurt my balls... :/ Goodluck man

 

If you were in my situation, is that'd what you would do? Keep the Prelude? Higher insurance, higher repair costs, consumes more fuel, etc...

Out of curiosity, what's your APR with USAA?

 

You might even want to look into refinancing the bike so you can at least get a lower rate. I would suggest even a Line of Credit. I got my LOC for 14% so at least it is 7% less which will save you paying stupid fees.

Pay the bike off. Whatever you sell the lude for actually throw that money at the higher interest rather than the lude. It sounds weird but that's how you want to pay shit down.