Advice regarding order of paying off debt

Debt

Good day, everyone. My wife and I are most likely going to be getting about $100K from my parents as a gift next year.

My question is, what order should we pay off what we owe?

Current debts:

  1. Credit Cards(Me)

Total here is around $38,000. 22K of this is a credit card my father uses, but it's in my name. Should I pay it off and freeze it, close it, or tell him he can use it, but has to pay the balance?

  1. Personal Loan (Me)

Total here is about $20,000.

  1. Student loans(wife)

Total here is going to be about $90,000 when all is said and done.

Any advice and insight is appreciated.

Posted Dec 6, 2023, 8:54 PM UTC

11
Loading comments…