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I'm in this situation now. We don't have any credit card debt, but we do have mortgage, car loan, and student loan debt. Since the length of the loans vary a lot from the car loan (4-year term) to the mortgage (30 year fixed) not only do I consider the interest rates but also how paying something off affects my cash flow.

For instance, my 2nd mortgage is at 6.5% and my car loan is at 4.5%. Logic would say that I should pay off the mortgage first. But its the car loan that impacts my cash flow the most. And our other money goals (like having kids or aggressively saving for retirement) are more impacted by our current cashflow than by the interest we're paying over time.

Yeah, I could snowball ALL my debt and have everything completely paid off in about 10 years. But I'd have virtually no savings at that point.

And the there's the psychological aspects of the debt. I HATE HATE HATE the car loan, but having the 2nd mortgage doesn't bother me all that much. I guess I consider the car loan as ugly consumer debt, but the mortgage I consider "good" debt (if there is such a thing).

I kinda decided that we will focus on paying down the car loan and saving at the same time. I'm not sure what we'll do once the car loan is paid off. I imagine we'll re-route the money to savings, and not bothere on paying down the mortgages and student loan any faster.
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