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I've sacked half my workforce and told the remainder to work twice as hard.
So far I haven't noticed any reduction of income.
Additional Details
Thank you Net Advisor, I ... |
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KING | What credit card should I pay off first? |
Hi I am serious about paying off my debt. I have heard it's better to pay off the cards with the highest interest rate, but the cards with the highest interest rates also has the lowest balance. So here is what I owe, please tell me what card should get the priority:
Card - Balance - % - Finance Fee's - Min payment due
Visa - $10,423.31 10.90% $95.48 Min -$312
Amer - $8,789.37 8.50% $66.07 Min -$176
Target - $766.72 28.99% $18.61 Min -$30
Discov - $238.40 23.99% $4.94 Min -$15
Thanks, btw I know I owe a lot of debt and my family and I are working very hard to pay things off.
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Tia
|
I would be paying the one with the highest minimum payment. If you don't, you could get hit with more fees. The finance fees are also higher. I honestly think the one you owe the most on should get priority.
Good luck with it all. Are you able to get a consolidation loan to cover the debt, and pay it off in one payment? Just a thought. |
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goth_marionette
 |
I would agree to pay off the higher interest rates first regardless of balance. That will save you more in the long run. I would however pay off the Discover first. My reasoning behind this is that the rate is one of your higher plus it has a low amount. It will decrease the number of bills you are paying and will help reduce your stress and make you feel that you are getting somewhere with your bills. Then throw the payment for your Discover card to the Target and get that lower. Also try calling the cards and asking for lower interest rates. It never hurts and they might be willing to go a bit lower with the economy the way it is. Good luck! |
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Aquarius
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Pay off Target, then discover |
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Over and Over
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pay off your target first, then Discover, then American, and then work on paying off you Visa.
Your visa has the largest amount but it would be easier to pay off the little ones and then use the money you have extra from not having the little cards anymore toward paying off the visa. Paying off the little cards will give you an extra $200 each month to put toward your Visa, making it get paid off that much easier. |
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Sally
 |
Target - $766.72 28.99% $18.61 Min -$30 it is the highest interest rate then pay the next highest interest rate balance and so on.
So one will come along and quote a fool named Dave Ramsey who would say the Discov so you can "feel good" but reality is that 28.99 cost you more.
Good luck |
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bdancer222
 |
ALWAYS concentrate on the highest interest rate first. The quicker you pay it off the less money goes to interest.
Take every penny you can squeeze out of your budget and put it on the highest interest rate, while making minimum payment on the rest. When the highest rate card is paid off, move to the next, till they are all paid in full. |
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Krysler
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I am so sorry that you are in this predicument. You need to pay off the highest % first, In this case get Target out of there. Unfortantly with this much "credit card" dbet it dosent look good at all, You may want to think about bankruptcy. You will be screwed for 7 years but then your scott free. |
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gtchic813
 |
yikes! thats scary..pay off that VISA CARD!!!!! |
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Marsha J
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Regardless of the balance you owe on a card, the highest interest rate is still the determining factor on deciding which card to pay off first. This approach will save you the most amount of money. Therefore, you should start off with Target, then Discovery, Visa and lastly Amex.
This approach will also help you because after baying off the first two smaller balances, your credit score will increase. You can then use that as a leverage to negotiate down the APRs on your Visa and Amex accounts, which will translate into even bigger savings for you.
Good luck! |
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v b
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No matter what, you pay the minimums on each card. This keeps the card current. Failing to do that can make ALL of the card rates 30% under the universal default.
So your minimum is $533. And do NOT to any of these cards.
If you have extra money, you have two choices.
The Suze Orman approach is to through the money at the largest interest rate. In your case, Target, then Discover.
The Dave Ramsey approach is to get rid of the card with the lowest balance (Discover) as it gets the card out of your life and let's you feel you made progress. The difference in interest rate is actually pretty modest. If you pay $200 extra on Target, you save $4.83 in interest. If you pay $200 extra on Discover, you save $4.00. The difference is 83 cents. Big Whoop.
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Brandy
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Always pay off your highest interest rate cards first. Otherwise it will take you forever to get rid of them. So here is the line I would use to get rid of one by one...(I've done this before):
1. Target because it's a 28.99% rate
2. Discov because it's a 23.99% rate
3. Visa because it's a 10.90% rate
4. Amer because it's a 8.5% rate.
It's not a matter of how much you owe, it's more of interest rate. It will take you longer to pay off one that is tripple the interest rate than one that is in the single digits.
Also after you pay off all I would keep the Amer and Visa open as emergancy cards. Drop the credit limit down to $500 a piece. This way you have emergancy money but it's at a level you will always be able to pay off at any time.
Hope this helps. |
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