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ajlnkb23 | Paying off credit cards - which to pay on first? |
To pay off my credit cards should I start with the one with the smaller balance or the one with the higher interest rate. I have 1 card with approx $350 on it. I figure if I pay this one off first, then I could apply the monthly payment for this one on the next highest paying that 2nd highest amount off second. Then I'd have both of those monthly payments to use on the third highest.
Thing is, I've always heard to apply the money to the debt with the highest interest rate. But that's also the largest amount, so I'd feel like I wasn't getting anywhere.
Which is the better way to do this? |
 |
 
Sarahz
|
best thing to do would be to transfer all your balances onto one card that offers you a 0% balance transfer (they may charge you a small fee for this but it would be much less than what you're paying in interest charges every month now) then keep that card in a drawer at home- don't even use it. you should never cancel a card either, just cut them up and keep the account open, otherwise it will drop your credit score. this way you will have one balance and no interest for at least a year! |
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ash
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pay off the lowest balance ones first so you will have less cards to pay on sooner and more money to put toward the others while feeling like you are making real progress. |
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nonldsinutah
 |
Pay off the ones with the smallest balances first. You can then apply those payments to your larger balances. That and it will motivate you because you can see actual progress as the smaller ones are paid off. |
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v b
 |
If the interest rates are similar, pay the smallest one first. You will feel happier that way and the psychological boost will make it easier to stay on track.
If the interest rates are waaaay out of whack, say one is at 30% and another is 15%, consider paying the 30% one first. If you are paying down an extra $100 a month, the difference is about another $90 over the course of a year. |
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XoxoxoxoX
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I think your plan sounds really good. Since the lowest balance is only $350, which I believe you can pay that off in a month or two. So go ahead and pay that off first, then the shift your focus to the highest interest rate next, and minimum payments on the rest credit card accounts. BTW, don't forget to pay minimums on rest of the accounts (every month). |
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Craig T
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As someone else said, unless the interest rate is dramatically higher pay on the smallest one first. You indicated yourself that you need some positive reinforcement, so paying off the smallest is likely the best course of action for you. |
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make me
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the answer is really the matter of what will be best for you. I would agree to pay the one with the highest int. rate off first, but do you have the full amount to do that? I myself would want to pay off the lowest one first, just to get it done with and out of the way. Then, I would focus on the other two (i think you said you had 3?) Then using that payment to add to the other payments, that way you can pay more towards the other 2 and still only come out of pocket the same amount you are used to. I hope I explained that ok. Good luck, and take it one day at a time. You will get there soon enough. |
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GG
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pay on the ones with the highest interest rates and then the ones with the lowest limits so tehy are paid off first |
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J M
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I would pay the minimum on the accounts with lower interest and pay as much as possible to the high interest account. The only time I can think that it would be to your benefit to pay the low interest off first would be if the combined interest of several low interest accounts is greater than the interest on the high interest account, and you could pay them off almost immediately. Then you could apply everything to the high interest account. |
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Monica H
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Pay the highest interest rate ones first, always keep the card to approximately half your credit limit, that will bring down your interest rate and raise your fico score |
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