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texas76 | Which do I pay first? |
We have about 13,000 in cc debt I am getting a tax refund check tomorrow and am putting the whole thing towards my debt but I am not sure which way to do it. Here is a list of my debt and apr cc1- 468.85 @ 14.39% cc2 1725.91 @20.24% cc3 3181.36 @15.99 % cc4 524.59 @31.74 % cc5 5280.97@ 21.75% cc6 379.91 @9.9% cc7 767.91 @ 9.9 % cc8 @ 675.80 @ 21%. I know this is a terrible situation and I am doing my best to work it out w/o debt consolidation. I have heard to pay the high interest cards first but am not sure if that is my best option because I will be getting 5400.00 back and can pay the large on all together but then I will still have 7 small to medium payments. I have already cut up the cards tried to get my interest rates lowered and been denied for a debt consolidation loan with my bank. I tried to do the balance transfer thing but I just end up w/ more cards with not enough credit to consolidate them into. |
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Greg S
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OK here is what I would do if I was you.
Pay off credit cards 6,1,4,8,7 and 2 this will leave you with
$827.03 to put towards credit card # 3
This will leave you with
Credit card # 3 with a balance of $2,354.33
Credit card # 5 with a balance of $5,280.97
While it may seem a little overwhelming still you take the payments you are not making anymore from the 6 zero balance cards towards the balance of credit card # 3 and pay the minimum on # 5.
once # 3 is paid off put everything you can towards # 5 until that is paid off as well, then cancel and destroy all of your credit cards (you may now keep a max of ONE) and that is for emergencies only until you get 6 months of bills saved. |
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Jeff
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It is much more important to attack the principal, rather than worrying about how to save a buck or two on interest.
If you sort from low to high, and attack them in that order, your $5400 will completely eliminate all but cc3 and cc5, and then you'll still be able to send cc3 $840.
If you attack the high interest first, you'll pay off cc4, then knock out all but $400 on cc5, and still have 6 big cards.
I would get rid of the small ones, wait a month, and then call the two you have left and ask them again for lower rates. If they see 6 paid-in-full cards, they'll be more willing to negotiate a lower rate. |
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Tracy W
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Yikes. thats alot of debt. But not impossible to pay off.
Start by paying off cc#2 1725.91 @20.24 %,
Then pay off cc#4 at 524.59 @31.74%.
That leaves you with $5400-2250.50= 3149.50. I would then put that amount on cc5 to bring that $5280 down.
Then continue to pay them off as best you can each month.
Also, go to www.crown.org and click on the Money map. You can purchase for $3.00 Its a helpful tool in getting you're financial matters in order. |
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The answer man
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Sorry about this but there is not one correct answer. I have heard several methods; 1.pay off smallest balances first and then put the payment you were making on that card to the next smallest; 2. pay off the highest interest card first and then start paying the next highest interest card. One of these should be your choices. A couple decision factors are 1. Are all of the payments current? if not get them current then pay off. 2. can you make the minimum payments on these cards every month? if not go with method #1 (2 or 3 cards that you are trying to make payments on looks much better than 7 small ones) 3. Are you over the limit on any of these cards? This can happen because of a late payment or interest charges exceeding the minimum payment. 4. Are any of these already in collections? If so pay them off first to help your credit. 5. Are their annual fees on any of these cards? may be beneficial to pay these off to avoid the fees. Another piece of advice is to not cancel the cards before you pay them off. A canceled card with a balance reflects negatively on credit reports. Best method is to freeze cards in chunk of ice, if you absolutely need it you can chisel it out, if you don't absolutely need it hopefully the urge to purchase will pass while still chiseling. This will also allow you to make a small purchase on the card and pay it off and cancel the card only after a year of carrying a zero balance.
Hope this was helpful, good luck |
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xmidlandx
 |
i would pay highest interest rates off first. no questions asked. I think that will take a lot of stress off of you, even though you will have smaller amounts of money going to other accounts. you will save tons of money in the long run. |
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Lydia
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I know it seems like the right thing to do to pay off the highest interest first - omg do you really have one at over 31% or is that a typo??
However, I've gotten the advice to pay off the smallest amounts first. Then they are done and gone and out of the way. |
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Bradley's MoM
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Pay all of them up to date first. Then pay larger portion to the high interest rate ones and split the rest among the 7 left. Cut up all cards!!!!!!!!!!!! |
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R J
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Pay the highest rate first. Even if you don't pay the whole thing off, the interest will be less because the balance is less. Remember, since you can't deduct any of the interest off your taxes, the best thing you can do is lower the amount of interest you do pay. Even if some cards have a small balance, if their rate is low, just make the minimum payment on them. Good luck, and PLEASE cut up ALL of your cards! |
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bdancer222
 |
Always pay off the highest interest rate first. You will save the most interest. Paying off the smallest first may pay off more cards, but if you do the math, you will be paying the most interest overall.
To clear up the rest, you should squeeze every penny out of your budget and put it on the highest interest rate card, while making minimum payments on the rest, when the highest is paid, move to the next till they are all paid.
That $5400 will make a big dent in that debt and even tho you will still have 7 cards to deal with, your payments will have more impact with the higher interest rates paid off.
You can probably get the rest of this debt cleared up within 2 years if you really work at it. |
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robert w
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sorry u got into a hole.
u need to visit dave ramsey.com for common sense approach to buying ur freedom from slavery.
the extra money is used to pay off smallest to largest without regard to % rate.
u win with small victories then burn the cards and close accounts. will make u feel lighter.
get a budget and use it . |
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hmark
 |
I would go first with 31.74%, then 21.75% (knock them all out) and then work on the remainder in percentages. The higher percentage of money going to the higher APRs and smaller percentage towards the lower ones until paid. By that I mean if I have 500/mo to pay towards my cc, I would use 40% of 500 (200) for the highest APR, and 20% for the remaining one until you used up 100% (500.). |
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TGGRLVR324
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You should definately pay as much as you can toward the one with the highest rate, if you can pay that one off. If you cant pay it off in one shot, then pay off as many cards with the small balances as you can with your return, then take the payments that you would have been normally making on those, and apply it to the other cards you have. This is what I am doing. |
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!truth!
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Pay off the credit card that have the highest interest rate. |
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Katie
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As tempting as it may be to pay off the one large debt, paying off the debts with highest interest rates is the smartest thing to do. If you don't pay the debts with high interest rates, they will keep growing at a rapid rate and become overwheming very quickly, whereas a debt that is growing slowly isn't as much of a problem.
Do continue to look into debt consolidation - and try following up with your bank. Perhaps after you've put your entire refund check into paying these debts, the bank will see that you're truly serious about resolving these debts and be more willing to give you the loan.
Suze Orman writes some great books about managing your money and handling credit wisely and advice about getting out of debt. Your library would probably have these books in stock (or you can always request them) and they'll give you some good tips. Good luck! |
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$m¤¤v¥ £¤¢¤
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This is the order that you should pay them off,
cc4, cc5, cc8, cc2, cc3, cc1, cc7, cc6.
Hopefully your tax refund will cover them
Good luck! |
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DEBRA H
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Pay off cc1, 4, 6, and 8 ($2817.06).....then pay off cc2 and makek arrangements for the larger ones. Once you get the rebate send that to the one you made arrangements on |
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Suzanne S
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Pay the highest interest cards first, with those interest rates you are giving money away. Good luck |
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heybulldog
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I like the Dave Ramsey plan. smallest to largest. Then cut up and get rid of the cards. Credit cards are financial doom.
Check out His websit at http://www.daveramsey.com and listen to his radio show. He has lots of great advice on money and debt. It doesn't cost a dime to listen. |
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aerofare
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you need to do some math, probably. honestly, i would recommend making a payment on them all (not paying any off completely), so that your minimum payments will be lowered. it is a good idea to pay the ones with higher interest rates because those cost you more...
so, if you are still making a monthly payment on them all, i would say to just put a chunk down on them all. also, if you're making monthly payments (on time) it'll slowly start to raise your credit score again. maybe the one with an interest rate of 31..pay that one off, because that is rediculous!!
good luck. i went through the same thing two years ago, so I know how frustrating it can be. just keep at it..you'll get it taken care of eventually. |
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