Kachakuaz
|
From experience i can tell you that is batter just to have all your debt on one card. it is easier for you to manage one account than two have to worrie about two. And just take your time in managing you finances beter, do no spend more that what you are paying, stick to a plan and you will see that with time you debt will become smaller if you pay and not spend. be patient. Good luck... |
|
Mark B
 |
Pay the one with the highest interest rate first. |
|
Deeder Magoo
 |
consolidate. if you get the 4k paid off, you're going to be taking on alot of interest on the 20k. cosolidate them onto the card with the lowest interest.
after that, burn your cards and never use one again. |
|
littleman
 |
start with the one with the highest interest rate...
or...
start with the smaller one, so it'll be easier to pay off and it will give you a sense of accopmlishment and hopefully encourage you to tackle the big one |
|
quitegrl
|
put alot towards the larger card because the interest alone is going to kill you. So pay a good chunk of the 4k, say 2k, and then the rest towards the 20. and cut your cards. :) |
|
Tom C
|
I would first look at the interest rate I was paying on each card and make sure I was paying the highest rate interest card down the fastest. If they are both the same interest or very close, I would probably pay the 4k card off for the following reasons
1 personal satisfaction on paying one bill off
2 probably the monthly payment on the 20k card by itself is probably less than the payment of the 4k card and 16k card assuming you paid the 4k you have against the 20k card. |
|
MoOn*LiGhT
|
if you want to get rid of the credit cards faster, start with the smallest balance.
pay the minimum on the 20k, and send everything you can on the 4k. do that until you finish the 4k. then you can send only to the 20k and it'll be much faster that way.
and as long as you pay them it wont go negative on your credit score. |
|
WD
|
Work on whichever has the higher interest rate first. If you pay off one before the other, do not cancel it. While that may seem like a logical solution, that action will probably lower your credit score. Rather, you should use it for very small purchases every once in a while and pay off the balance immediately. |
|
RuneAmok
|
If one can be paid off in a short time period, I'd do that.
On the other hand, I've heard that when it comes to your credit rating, they like to see a large gap between your balance and your credit limit. So that argues for paying against the larger bill.
Or, you could ask them to increase your credit limit on that card. Assuming you can control yourself.....and are in immediate need of a good credit rating. If you're not on the verge of buying a house, I wouldn't sweat it too much.
Oh, maybe you should also consider whether, if you pay off the smaller card and then close that account or stop using it, does that mean you'll then be charging up the card with the higher balance? Because if that's the case, then there's not much point in paying it off. |
|
.
 |
Pay the 4K off and get rid of it, then use the extra money to make bigger payments on the other one.
best for credit!
best for life, stay away from credit cards |
|
bril
|
if you can pay one off is better than a partial pay on the other one that will do it |
|
Wally1
|
Put all your cards in a hat and once a month draw one and pay on it. If any creditors kick up a stink just explain what you do and should they not like it, tell them next month their card may not get put in the hat |
|
gcgofer
|
Be sure to make your payments on time. Make your regular payments on the small amount and try to make bigger payments on the large amount. I am assuming that these cards carry a low interest rate. Paying off the smaller one now might seem the smart thing to do but the interest on the large one is the one that is going to kill you. Trying to pay it down quicker with the larger payments will make more sense in the long run. There are some programs on the internet that can show you how the interest will build up over time, do a search there are quite a few of them. Foremost DO NOT use the larger card until it has been paid down. Good luck. |
|
Mr. Prefect
 |
Always pay down the card with the highest interest rate first. Otherwise, you are shooting yourself in the foot. |
|
Peacenik
|
Depends on several factors.
To pay them off the most quickly, pay the biggest amounts on the one with the lowest interest rate.
To help your credit score, try to get them both to under 30% of your credit limit.
Never charge more than 30% of your limit.
Sometimes, however, its more motivating to pay off the little one first and then just hammer the big one. |
|
~*Felicity's Mommy*~
|
I would recommend paying ALL of the 4k card off, and then put whatever else you can towards the 20k. That way, you won't have having to pay interest or any other fees on one card, at least. |
|
yourpastlifelover
|
take care of the smaller one first so that it can get removed from your report ASAP |
|
Sparkle21
|
Getting a card paid off will ultimatley help you with your credit right now-
Dont stop the card and cancel it.
Then start with big payments on the 20k one, Good luck |
|
simply sarah
 |
i think you should do some debit consolidation, and pay it together... it would help your credit, and it will get paid faster and save you money on interest. Good Luck |
|
Sahil World
 |
pay half amount on both of them, and than keep the money for next payment
but pay in a little huge amount |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
