Should I use $10k to pay off debt or pay into my HELOC?

R

RebelKru4

New Member
I have $10k and I'm trying to decide whether to use it to pay down debt or put it back into my HELOC. I'm not sure what the SMART mov e is. I'd appreciate any advice from the group.

I currently have a $1k emergency fund.

Here's my debt breakdown:

  • $24k HELOC at 10.25% ($355 monthly, interest-only during intro period)
  • $2,700 credit card at 14.45% ($80 monthly)
  • $10,300 car loan at 4.8% ($340 monthly)
  • $10,400 personal loan at 16.3% ($250 monthly)
  • $1,700 credit card at 27.24% ($60 monthly)
 
I've added your debts to MoolahPlan, which uses the debt snowball method to create your personalized monthly payment plan.

With your $1k emergency fund, we can allocate an extra $100 toward your debts.

This plan shows you'll be debt free by 2029.
 
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