Question

Hi guys happy Saturday (or whatever day it is when this gets approved)! Question for you all! I am currently using the debt snowball method to pay off my debt and it has been incredibly successful. However, while in this process, I did acquire some debt in the form of an affirm loan to pay off a class I took. If you know those loans, they carry incredibly high interest. I’m really focusing on paying off my last credit card at the moment, but since I recently transferred the remaining balance of my credit card to a balance transfer card with 0% interest for 18 months, I’m wondering if I should switch to focusing on paying off the affirm loan. I guess my question would be, if you’re using the debt snowball method, and acquire new debt that is technically smaller than what you were working on paying off, would you focus on paying that smaller one first, or continue on the way you’ve been? Open to any suggestions!  

Answer 1

I think it’s important to be flexible and re-evaluate your payoff plan as the situation changes. Personally, I would get rid of the affirm loan ASAP and then get back to paying off the cc before the 0% period expires.  

Comments

@meningitis thank you! I was totally thinking the same thing. Interest is interest, and I don’t want to pay it if I don’t absolutely have to