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The Water Cooler
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Car buying and financial responsibility
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<blockquote data-quote="Shoot Summ" data-source="post: 2874008" data-attributes="member: 1055"><p>I differ from Ramsey a bit as I tend to look at the cost of money first.</p><p></p><p>If you have a CC balance of $6K plus, and a Tool truck balance of $2K plus, I would be willing to bet the rate on both of those is sky high. Not sure what your car note rate is, but it's likely not as high. So to me, over time the CC and Tool Truck balances are going to cost you a lot in interest. Hard to say what the best route is until you put all of the different scenarios into a spreadsheet and look at them, from a cost of money perspective, not from a monthly payment perspective. You might be surprised which option saves you the most money.</p></blockquote><p></p>
[QUOTE="Shoot Summ, post: 2874008, member: 1055"] I differ from Ramsey a bit as I tend to look at the cost of money first. If you have a CC balance of $6K plus, and a Tool truck balance of $2K plus, I would be willing to bet the rate on both of those is sky high. Not sure what your car note rate is, but it's likely not as high. So to me, over time the CC and Tool Truck balances are going to cost you a lot in interest. Hard to say what the best route is until you put all of the different scenarios into a spreadsheet and look at them, from a cost of money perspective, not from a monthly payment perspective. You might be surprised which option saves you the most money. [/QUOTE]
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