All intrest and balances are in order in lst part of question. My question is, I am at the point where I can start to pay these three credit cards off completly. So my question is; which one should I pay lst.
2007-01-21 11:02:51 · 5 answers · asked by gil3moj@yahoo.com 2 in Business & Finance ➔ Personal Finance
not using any of them, went through a divorce/bankruptcy in 2000, had 18 cards at one time all maxed out.
2007-01-21 11:35:50 · update #1
1) DON'T USE ANY OF THEM
2) Pay all of them at the same time, but focus your attention to the one iwth the highest interest rate first, then in descending order by interest rate. By "focus your attention", I mean that you should pay the most of the money each month to the one with the highest interest rate. When that one is paid off, quit using it, and focus your attention to the next highest interest rate. When that one is paid off, don't use it anymore, and focus on the ones with the next highest interest rate.
2007-01-21 11:12:43 · answer #1 · answered by Richard H 7 · 0⤊ 0⤋
Apply for a loan for $9,300 @15% or less. Best way to go.
The Highest interest rate is the one to pay off first. Pay the minimum on the lower interest rate card, and the balance on the highest rate card. Pay a total of $1,000 a month on all three cards. When the first card is paid off, pay 50/50 on the other two ($950 total), $50 may be needed for the card that should be paid off.
If your maximum payment is $600, payments could be $100, $100, & $400
2007-01-21 11:30:55 · answer #2 · answered by whatevit 5 · 0⤊ 0⤋
You may not be the cleverest customer ever, but your credit card companies love people like you.
Pay off the one with the highest rate. Pay the minimum on the others to avoid penalties, which normally cost a lot more than interest.
If you can do it, you should get a fourth card that will allow you a 0% charge on all transferred balances, and then transfer all the debt to that one card, and cancel these three cards.
Then pay off that one card.
2007-01-21 11:14:12 · answer #3 · answered by Richard E 4 · 0⤊ 0⤋
Look at your statements - which one are you paying the most interest on? Start paying that one down first. If all had equal balances, you'd pay the one the with the highest interest rate, but since #2 has a higher balance, you are probably paying more interest on that one. The idea is to pay the least interest possible each month.
2007-01-21 11:14:02 · answer #4 · answered by ? 7 · 0⤊ 0⤋
The second one first, paying as much as you can on it and pay the minimum on the other two. When that one is paid off, you piggy back that payment with the minimum and start paying off the third one on your list. When that one is paid off, you use the money you were used to paying on the three cards on the first card in your question.
Hope that isn't too confusing.
2007-01-21 11:13:02 · answer #5 · answered by salemgirl1972 4 · 0⤊ 0⤋