is it better to pay off high balance credit cards or high interest cards?

Answer 1

It depends, but typically speaking it is best to pay off the high interest first because of the cost effect. Once you pay off the highest, then use the money you were using on that payoff and use it for the next costliest debt.

HTH

Answer 2

It depends on what you are trying to do.

Economically speaking it is better to pay off the high interest cards first, simply because it cost you more month to month when comparing dollar to dollar of the high interest vs. high balance cards.

However, if you are looking to buy a home, and you are trying to increase your credit score, then you want to pay all of your cards down to 30%. The scores are based on how much of the credit you are using and not the interest rate per card. So if you have a high balance card that is almost maxed out, you would need to pay it down before you pay down the high interest card that isn't maxed out.

Hope that helps.

Answer 3

You are better off paying minimums to each card but targeting the lowest balance first and then after that's paid off take that amount and apply to the next lowest balance. You will see more benefit as you go from five to four to three cards etc. If you have a way to consolidate all to just ONE payment at lower interest all around, go for it. Otherwise, you didn't get into debt overnight so you won't get out overnight either. The key is determination!!!

Answer 4

Pay all of the monthly, and start with:

1. highest interest credit cards, and pay all monthly and don't skip any payments.
2. Now, call the high interest credit card companies, and ask for a lower interest rate....tell them you want to keep paying them, but you need their help.

Hey ask and you shall receive......If you don't ask them for their help, you won't get it....chances are they want to keep you as a customer.

3. Now try to ....get this ....only use your credit cards for necessities...and maybe only treats...a few from the grocery store...and that way...tell yourself..perhaps next month's you may look at that item again...and that works.

4. Remember since you want to control your credit, leave all but one credit card at home!

Answer 5

I think your best bet would be to get some professional help from a credit counseling service, even if you are not in dire straits - they will advise you on the best way to handle your debt - but watch out for scam artists. A little research will find you a reputable service, through the Better Business Bureau or other governmental website.

Answer 6

Consolidate and get rid of high interest rates. Pay as much as you can every month. Sacrifice yourself for a year or two and you will be free of credit cards debt.

Answer 7

High interest credit cards that go unpaid BECOME high balance credit cards.

Cut them all up and get yourself one... American Express.

Pay it when you use it! You have 1 month!

Answer 8

constantly pay off the better interest fee card first. you will shop the main money interior the long-term. the different enjoying cards could be paid off slowly and if the interest isn't too intense you will pay a sprint over minimum and it will make a distinction. no remember what pay an identical quantity each month on the intense interest card even through fact the minimum charge required is going down. you will pay it down plenty swifter that way. After it is paid off, in case you nonetheless owe on different enjoying cards pay them off with an identical quantity of money you have been paying on the intense card. And constantly pay on time. additionally, if say your minimum due is $75, and you intend on paying 200 that month, chop up it, make 2 money, one interior the beginning up of the month and one before the due date, reduces interest charged.

Answer 9

HIGH INTEREST, BUT DEPENDING ON THE BALANCES IT MIGHT BE CLOSE. FOR EXAMPLE IF THE HIGH BALANCE WA SAY 10K @5% AN D THE HIGH INTEREST WAS 2 1/2K@ 20%, WHATS THE DIFFERENCEGOD BLESS

Answer 10

High intrest would definately be the one to pay off first, intrest is a tricky thang especially if its variable