READ Scenarios below, what debt to pay first?

Question

We’re looking at selling our house(actually under contract already to a buyer). We will have about $18,000 profit on this sale after everything and trying to find the best way to off debt.  The house was making us fall behind we don’t have enough income since we had kids, and so selling isn’t going to make huge difference in our income. But rather keep us from going further in debt.
I have 2 credits cards(together they total $6000) and he has a 4wheeler($7,000), and the rest would go towards bills we are behind on and a family member we owe $2,000 and anything left go towards other debt(vehicles).  
I know DAVE RAMSEY baby steps-2 say to pay smallest debt first and snowball it to bigger debt.
Our truck payments are $381 and we owe 19,000-ish on it. Husbands Dad is co-buyer. 😖
Our car payments are $274 and owe 14,500 on it. 
I really want to pay a vehicle off, like the truck to get his Dad out of our finances. Obviously, 18,000 won’t cover it but 15,000 would help pay quicker and use the left over 3,000 to pay family members back and pay in late bills. Then begin the snowball on debt
OR 
Pay the car off first and make extra payments on truck but then his Dad is still on the Loan longer. Pay family member back etc. 
Then do the snowball on debt.
OR 
Just stick to Dave Ramsey style and snowball the debt and eventually pay off the truck.

Answer

I would pay the debt to family first.  Then pay off the credit cards.  They are worse for your credit score than the car loans.  Also, it’s very probable that the vehicles are not worth the amount still owed on them.  So, when you have a loan on a vehicle, it should be something that you continue to roll over to the next vehicle through trade-ins.  But if the vehicles are worth far more than the loan balance, then pay that and sell the vehicle, take your profit and move forward with the further debt pay-off.

Answer

Start by selling the 4-wheeler. Use that to pay off family and past due balances, and start some savings. Then, pay off the car, completely eliminating that bill from your household. The rest of the money into savings for a emergencies. If your finances are that tight, toys need to go.

Answer

Pay fault then whatever has the highest interest rate.

Answer

Whichever has the highest interest rate?

Answer

Pay family first. Then pay off credit cards followed by the cars. Truthfully you'll want to pay off whatever has the highest interest rate. But, credit cards are more impactful on your credit than actual loans

Answer

Pay off the credit cards (and stop using them), pay the family member, make a couple thousand dollar payments in principle payments to both vehicles, sell the four wheeler and anything else you cannot afford and don’t need, put some money in savings as a safety net. I’d honestly trade the tuck for a more affordable vehicle as well. Take budgeting and financial wellness courses. It sounds like you’re living outside of your means. Budgeting, paying off all debts and saving should be a priority. Taking financial wellness courses will help you both immensely. Learning how to live within your means and repairing your credit will also help immensely.

Answer

I’d totally get rid of the small petty debts first. Then work on the vehicle’s, which ever vehicle has the higher interest rate gets more $$

Answer

I follow Dave Ramsey. But for me I would for sure pay the family member first. Then debt snowball the rest. 
You have to fit the ground running, side hussles!!!!
Get your income up so you can pay it all down as fast as possible. 
I remember one time I was a stay at hone mom my husband had just stated a new job and wasn’t making enough to cover rent. I ended up driving a girl to competitive swim practice 5 days a week. Dropped her off at 4am picked her up at 8am. Did it for 6 months until my hubby got a raise. Sometimes you just gotta do whatever it takes. It’s hard but worth it in the end .

Answer

Is his dad hounding you about paying the truck off? If he is, I’d pay the family member back and put the remaining on the truck. If he’s not, pay the family member off and CC then remaining on truck. I wouldn’t worry about car because it has a lower payment. Otherwise I’d put a large down payment on his truck and try to refinance it in your name only.

READ Scenarios below, what debt to pay first?

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