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Elizabeth G | Credit card payoffs - highest interest rate or lowest balance first? |
I have 4 credit cards and a loan that I owe $20K. I recently read that I should pay off the lowest balance first, but my husband thinks I should pay off the highest rate first. Any suggestions? |
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ZCT
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Leave the loan alone. If it is a typical loan it is installment credit and that helps builds your credit score. Credit cards are revolving credit and they are not quite so good at building your score especially if you have used more than 50% of your available credit.
First off contact each credit card company and tell them you are about to close down two of your credit cards. Ask them for their best interest rate on the basis you intend to close down your worst cards. Decent credit card companies will offer a lower rate to keep your business if you are in good standing with them. They may also offer a balance transfer offer. It may be cheaper for you to transfer some of the balance from a higher rate card onto your lowest rate card.
Once you have done this pay minimum payments on all your credit cards and pay as much as you can afford onto your highest rate card until it is paid off. Once that is paid off, move onto the next card and work on that. Pay them off in order of interest rate from high to low. This will save you interest each month and therefore will speed up your pay off time.
I would also advise you to destroy your two worst credit cards and just never use them again. You should aim to never have more than two cards and pay them off in full each month. |
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CowboyBill
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Holy, crap woman!!
Read 'The Total Money Makeover' by Dave Ramsey. This guy is great, he built an entire empire by instructing people how to get out of debt. Your question is the #1 basis for his book. |
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Waine
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well, I don't promise anything but
people in debt often seem to find some help here :
http://credit-cards.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
and here http://finance.ebookorama.com
good luck! |
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STEVEN F
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If the object is to get out of debt, Paying the highest rate first is always better. The less interest you pay, the more you have to apply to principal. |
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kkinglewis
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You should pay off the one with the highest interest rate first, making the largest monthly payment that you can, not just the minimum.Or, see if you can consolidate yourf 4 cards into the one with the lowest rate; or see if any of your cards have a special low rate for balance transfers that is good for the life of the transfer.If you do this, though, keep in mind that any npayments that you make will be applied to the balance with the higher interest first until that balance is payed off, then your payments would be applied to the special interest rate balance. |
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R_burke
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Depends on what you are trying to achieve
Lowest balance = better credit rating
Highest interest = less spent on interest, i.e. more money in your pocket. |
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Carolmerel
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Pay off the lowest balance first - that way you can take the money you were applying to that one and start paying on the high interest rate one. Instead of continually having to split your money up. Call your credit card company and see if they will lower the interest rate on the highest one. . . |
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SAL
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Depends which will motivate you more to paying off your debt. Some feel that by paying off the lowest card first, it inspires them to keep going. Since it's paid off faster you can use that money to supplement your other payments. It's called the snowball effect. Personally, I did it that way as it was empowering to see the payment plan working so quickly (we paid off $32K in 1 year). If you have more patience, then, yes, paying off the higher rate card is a good idea but only if you don't get discouraged (assuming the higher rate cards have higher balances as well). |
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