Should I keep my savings or pay off my debt?

Question

I have a 10,400 car loan at 4 percent and a 49,100 mortgage at 3.5 percent. I have 36k in a HYSA and save a couple hundred a month. Should I pay off some of my debt or keep the savings?

Answer

I’d pay the car loan off and save yourself the 4% interest. If you’re wanting to build back up, put that payment back into the HYSA every month. 
Truthfully, I’d likely put $5-10k down on my mortgage too. That’ll knock off time and interest.

Answer

Id pay off the car loan and then take that monthly expense and reinvest it back into my savings.

Answer

It depends.  Is that 36k in addition to 6 months of saved living expenses?

Answer

If your job is super secure eg youre a nurse or something I would pay off the car, otherwise in this economy and job market I would keep as much cash as possible.

Answer

I probably wouldn’t use that 36k to pay off the debt but perhaps I’d take the couple hundred each month and put extra payments to the car instead of to the savings account

Should I keep my savings or pay off my debt?

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