Should I pay down my credit card or auto loan first?

Believe it or not the interest on my auto loan is higher than my credit card. (~12% for auto loan compared to ~10% on credit card). I owe approximately $5000 on each. Common sense would say to pay on the higher interest first. However, are there other factors I should consider such as how often the interest is compounded?

Should I pay down my credit card or auto loan first?
Well I'll assume your car loan is fixed, your credit card is probably variable. The credit card rate is lower right now, it may not be later. Personally I'd be paying down the credit card debt first.
Reply:Take one of the 100 credit card offers that offer 0% for a year. Transfer the debt there. Make the same payments that you are now.





This is very important.... Throw the 0% card away.





Do Not Use It!!!





If you make a purchase w/ the new card it will start drawing interest. All the payments you make will go towards paying off the 0% balance and the interest on the new purchases will just build and build and you'll be in a worse spot.