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Debt Discussions about debt and how to deal with debt.

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  #1  
Old 05-06-2017, 01:48 PM
Mommy214 Mommy214 is offline
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Join Date: May 2017
Posts: 2
Default Should I pay down debt or invest

My husband and I make roughly 80k/yr between us. We have 2 kids 2 and 6

36k in a savings account (so cash on hand)
18k in a rollover IRA
5k in a simple IRA
39k Cash life insurance policy from my mothers recent death
5k 401k Moms death (I need to do something with this soon)


Debt:
10k car loan (2%) Im not sure what my interest rate is
12k student loan (4.5%)
57k home loan (6%)

I would say our current expenses/month are around 2400. The value of our home is estimated at 130k.

The bad news is my husband lost his job two weeks ago He made 50k per year. I would like to make our money work for us as I don't know how long he will be out of work.

I was thinning of refinancing the house to a 15year 3.75% boring 61k. I was not sure if this was a good idea or should we just pay it off

other thoughts were pay off the car and and the student loan?

Any help with this would be great.
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  #2  
Old 06-01-2017, 04:24 PM
emon123 emon123 is offline
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Join Date: May 2017
Posts: 17
Default Re: Should I pay down debt or invest

May be paying off for the house would be a good choice.But again this is just a suggestion.You have to decide your priority.But whatever you do keeping liquid idle cash in hand is not a good idea.It always ends up going away somehow.
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Old 06-17-2017, 01:37 PM
Januar Januar is offline
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Join Date: Jun 2017
Location: Jakarta/Indonesia
Posts: 18
Default Re: Should I pay down debt or invest

My suggestion: You should pay off for the house. As long as you have the debts, you need to consider which is the most priority. be wise to use the money. We hope your husband gets a new job. Good luck!
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