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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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WWYD? (Debt related)
So here are the options:
1. Pay off one high interest credit card and maybe one with a low interest rate
2. Pay off several lower interest credit cards (like 4 and a half cards)
3. Split the amount between the cards with the highest interest rates, paying off only one, but reducing the balances by more than half on 2 others
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Posted 2/6/08 11:10 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: WWYD? (Debt related)
pay as much as you can to the higher interest cards.
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| Posted 2/6/08 11:11 AM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: WWYD? (Debt related)
high interest CC...
you'll make more of a dent in the debt.
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| Posted 2/6/08 11:12 AM |
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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: WWYD? (Debt related)
I would say pay off the higher interest ones. Why not look into consolidating/transfer all of them to 1 card with 0%APR.
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| Posted 2/6/08 11:12 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: WWYD? (Debt related)
I'd pay off the highest interest first, absent a reason not to.
If you were SOLELY trying to raise your credit score and applying payments among all the cards would get all the cards below 33% of your available credit *on every card*, I'd do that.
If I was looking at it from what makes the most financial sense, highest interest gets paid first.
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| Posted 2/6/08 11:13 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: WWYD? (Debt related)
depends on a few factors:
how much $$ are you going to pay off on your credit cards and what the balances are
and
the difference between the interest rates of the cards.
the normal answer would be pay off the debt with the highest interest rate first.
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| Posted 2/6/08 11:23 AM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: WWYD? (Debt related)
Posted by Kara
I'd pay off the highest interest first, absent a reason not to.
If you were SOLELY trying to raise your credit score and applying payments among all the cards would get all the cards below 33% of your available credit *on every card*, I'd do that.
If I was looking at it from what makes the most financial sense, highest interest gets paid first.
ITA
if its about raising your credit score--you want to lower your ratio of credit used/total credit on the cards.
BUT if that's not possible--definitely pay the highest interest card first
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| Posted 2/6/08 11:24 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: WWYD? (Debt related)
Posted by Blu-ize
pay as much as you can to the higher interest cards.
ITA - if you have a tiny balance on a lower interest one that can make you feel like you have accomplished something as well - so you could consider a tiny balance along with the high interest
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| Posted 2/6/08 11:24 AM |
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Superkat
More a stranger than a friend
Member since 5/06 9730 total posts
Name:
K
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Re: WWYD? (Debt related)
Always pay off the high interest card first. It will cost you the most money if you don't. Why wouldn't you pay that one first?
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| Posted 2/6/08 11:26 AM |
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MrsB-07
proud RELAXIVIST
Member since 11/07 2027 total posts
Name:
b
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Re: WWYD? (Debt related)
I would pay off the one with highest APR and then consolidate all teh others onto a card with low APR or no interest charges for like a year or something.
I am actually putting my balance on a low APR card w/ no interest for a year because my original (and only) c/c has super high APR and it's ridiculous to have it
Message edited 2/6/2008 11:49:04 AM.
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| Posted 2/6/08 11:48 AM |
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GioiaMia
Let's Go Rangers!
Member since 1/07 14818 total posts
Name:
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Re: WWYD? (Debt related)
out of those two choices i would pay off the one with the highest interest
BUT
what i did was transfered over to a 0% interest card and paid it off that way
i went from over $10K to $0 in a little less than a year that way
Good Luck!
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| Posted 2/6/08 11:52 AM |
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seank80
Don't Taze My Dog Bro!!
Member since 5/07 2240 total posts
Name:
Sean
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Re: WWYD? (Debt related)
It depends on how high the rates are on the high cards and the rate difference on the lower ones. You could call up the higher rates and ask the company for a rate decrease. It is very easy to do and is worth a shot. Also right now citibank has a platinum card that give 0 apr on all balance transfers and purchases for one year. You could see about paying off the higher ones and doing a balance transfer for the remaining cards. Without knowing the specifics it's hard to say exactly what you should do.
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| Posted 2/6/08 11:55 AM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: WWYD? (Debt related)
Posted by Blu-ize
pay as much as you can to the higher interest cards.
Same here.
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| Posted 2/6/08 12:46 PM |
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jerseypanda
Life is good.
Member since 1/07 9164 total posts
Name:
Amanda
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Re: WWYD? (Debt related)
Posted by NewlyMrs
I would say pay off the higher interest ones. Why not look into consolidating/transfer all of them to 1 card with 0%APR.
Just make sure you look at the fine print if you are going to transfer balances. Most cards will give you 0% APR for a period of time, but they charge you 3% of the amount so that they don't lose out on getting something.
But 3% is probably a lot less than the APR you are paying.
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| Posted 2/6/08 12:58 PM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: WWYD? (Debt related)
Thanks everyone! I really appreciate all of the input.
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| Posted 2/6/08 4:02 PM |
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dono426
LIF Infant
Member since 1/08 89 total posts
Name:
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Re: WWYD? (Debt related)
Pay the high interest ones
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| Posted 2/6/08 5:34 PM |
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wannabemom
look who's freshly baked!
Member since 12/07 7364 total posts
Name:
aka marriedinportjeff
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Re: WWYD? (Debt related)
highest interest first.... and try to pay in as many accts in full as you can (so the interest accrual stops)
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| Posted 2/6/08 6:12 PM |
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Kierasmom
I love my kids
Member since 5/05 2885 total posts
Name:
Jenn
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Re: WWYD? (Debt related)
Pay off the high interest ones first unless your lower interest cards carry much higher balances and your high interest has a small balance that you could manage to pay off in a small time frame.
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| Posted 2/6/08 6:28 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: WWYD? (Debt related)
pay of the high interest credit cards first. 
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| Posted 2/6/08 7:54 PM |
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