- June 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Financial Advice for Debt Repayment
I am in need of some guidance regarding my financial situation. I recently inherited $5,000 and I am looking for the most effective way to use it to reduce my debt. Currently, I have several outstanding debts that are causing financial strain.
### Overview of Current Debts
– **Tacoma:** I owe $5,000 at 3.2% with a monthly payment of $200.
– **Corolla (wife’s car):** I owe around $10,000 at approximately 8% with a monthly payment of $275.
– **Credit Card:** I have a balance of $10,000 at a high interest rate of 28% with a monthly payment of $375.
– **Lowe’s Card:** I owe $10,000 at 28% with a monthly payment of approximately $375.
– **Student Loans:** I have $7,000 in student loans with an interest rate around 3%, and I am currently paying $95 per month.
### Situation with Construction Loan and Heloc Consideration
I recently constructed a house using a construction loan, as I work as a contractor. The total amount owed on the construction loan is $157,000 at a 7.5% interest rate. The house is valued at $400,000, leading me to explore the option of utilizing a Home Equity Line of Credit (HELOC) to potentially lower some of my debts.
### Request for Assistance
Given my financial obligations, I am in a dilemma on how to allocate the $5,000 inheritance to tackle my debts effectively. My initial thought is to pay off the Tacoma to free up $200 per month, but it is my least expensive debt. Alternatively, should I prioritize paying off one of the high-interest credit cards to reduce the overall interest burden?
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