What should I do savings first or debt payoff?
I'm trying to figure out what's best to establish a rainy day fund or pay off my car loan I owe $1355 on car loan with a interest rate of 21% I don't want the car anymore it's a 2000 ford taurus that has been giving me problems brake problems
I know I will done if I make $300 payments I'll be finished paying at the end of September 2014 but my plates expire end of July so does my insurance I stopped driving the car and want to be done paying but I also have no savings what should I do?
Start by trying to sell your car. If you can sell it for more than $1355 then your problem is solved. If you can't sell it for this amount, then you'll have to pay off the loan before you'll be able to sell it.
Always pay off high interest rate loans before anything else. It doesn't make financial sense to be putting money into a savings account that will earn a a tiny amount of interest (<1%) when you have debts that are costing you 21%.
Whatever lets you keep the most money at the end
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