cope_acetic
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ALWAYS pay the ones with highest interest first!!
They are costing a LOT more in the long run. |
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Special K
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pay off the higher interest rate one first. the longer you have a balance in the higher interest rate credit card, the more you end up paying. |
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The Rabbi
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It is even far better to transfer those balances to zero-interest cards and get them paid off fast. |
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STEVEN F
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Mathematically, paying the highest INTEREST RATE first, regardless of the balance, results in less total interest. Behaviorally, the quick 'victory' of paying off smaller debts sooner make you more likely to keep up a debt reduction plan. If you give up your life to get out of debt, the math comes out fairly close in most cases. |
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tonalc1
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Pay off the higher balance/rate card. Then apply the payments you were putting on that card to the smaller amounts; they'll be paid off rapidly that way. |
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dwm5_62
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you could try paying off all of the small ones then apply all of what you used to pay for those on the big one. |
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pittbull mommy
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IT IS BETTER TO PAY OFF THE HIGHER INTREST RATES FIRST THEN THE ONES WITH LOWER RATES AND BALANCES |
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RUDOLPH M
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Pay off the higher interest cards first. |
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*G*
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Pay off the highest interest first it costs you more in the long run |
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Jennywren
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Always pay off the higher interest rate card first. You'll save the most money in the long run. The other cards can be paid off slowly and if the interest isn't too high you can pay a little over minimum and it will make a difference. No matter what pay the same amount every month on the high interest card even as the minimum payment required goes down. You'll pay it down much faster that way. After it's paid off, if you still owe on other cards pay them off with the same amount of money you were paying on the high card.
And always pay on time. Also, if say your minimum due is $75, and you plan on paying 200 that month, split it, make 2 payments, one in the beginning of the month and one before the due date, reduces interest charged. |
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Click
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I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you. |
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Think
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The advice given here is well meaning but very lacking in situational awareness. What are the amounts owed? You can't buy food with percentage points. You buy food with dollars. Think! |
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