Freespirted's thread reminded me. (thanks A LOT, free spirted
)
DH and I have a lot of loans. Our federal loans are locked in at a low rate and my alternative loans don't totally suck (8%?) but I usually have to pretend they don't exist. The one that gets me is DH's loan with Sallie Mae. I hate hate hate Sallie Mae.
The loan is on deferment. Some error on their part has it that way even though DH isn't in school. The interest has wavered between 10% and 12.5%!!! It started out as 10K and is now almost 17K. We need to dump it.
I could pay it off in a year or so, but I would rather build up a large saving account / put some money into our house.
:
I could put it on our credit card, which has an 8.9% rate and enough open credit. I could also try to find a card with a lower rate.
I could see if DH could take out a personal loan to pay it. He has excellent credit (790)but noo income (SAHD). What are the rates like on these?
Even if I pay it off in a year, I would want to move it for the meantime so that it isn't accruing as much interest.
What would you suggest?
DH and I have a lot of loans. Our federal loans are locked in at a low rate and my alternative loans don't totally suck (8%?) but I usually have to pretend they don't exist. The one that gets me is DH's loan with Sallie Mae. I hate hate hate Sallie Mae.
The loan is on deferment. Some error on their part has it that way even though DH isn't in school. The interest has wavered between 10% and 12.5%!!! It started out as 10K and is now almost 17K. We need to dump it.
I could pay it off in a year or so, but I would rather build up a large saving account / put some money into our house.
I could put it on our credit card, which has an 8.9% rate and enough open credit. I could also try to find a card with a lower rate.
I could see if DH could take out a personal loan to pay it. He has excellent credit (790)but noo income (SAHD). What are the rates like on these?
Even if I pay it off in a year, I would want to move it for the meantime so that it isn't accruing as much interest.
What would you suggest?