Hello Ladies and Gents Here is my run down I'm 30 yrs old, I've owned a home for the past 6 years and recently I purchased a new home (old house will now be a rental property.). I now have 2 mortgages, $20,000 owed in car notes left on 2 cars, & $10,000 owed on the "dreaded" credit cards. I also just started a second job and I was wondering what would be the best way to distribute this new income amongst all my debt. Should I spread it around (it's a part-time low wage job so it wont be much) or should I focus on just one debt?, and which debts should I focus on if any?. Thanks everyone for any advice you could give me.

if debts matter settle CC's first, however since its not much money ever thought of a retirement fund?

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I am already putting around 200 a month into a retirement fund plus i put 10% of my pay to my 401k

I tend to think the credit card is the way to go, but that is based on the idea that your credit card probably has the highest interest rate. If this is a mistaken assumption then focus on the highest interest rate and pay it down first. Spreading it around is nice in theory, but will cost you more in the long run.

All of your accounts have a financial weight associated with them, sometimes paying off the highest interest rate isn't always the right answer to getting out of debt quickly.. the weight of your accounts has to do with both the interest rates and the min payments you must make.

Pay min on all your accounts and put extra in the account that has the highest min payment and interest rate. Once you pay that off, use the capital you will save and attack the next account.. don't spend the extra cash, use it.