Balances on cards are #1~ $1319.00 # 2~ 667.00 #3~1183.00 & #4~913.00
2007-02-07 04:19:29 · 10 answers · asked by Carol40 1 in Business & Finance ➔ Personal Finance
Pay off the smallest ones first, than use the extra money per month to put on the next smallest balance, and so on. I started doing this last Jan, and it's worked wonders for me.
2007-02-07 04:24:32 · answer #1 · answered by Anonymous · 2⤊ 0⤋
I am in the same situation right now. I plan on paying off two with the highest interest rates of mine and then with the other two whatever I was paying on the other cards, I will take that money every month and put towards the other credit cards.
Example: You pay $75 on card 1, $50 on card 2, $75 on card 3 and $50 on card 4 a month. Once card 1 & 2 are paid off, then begin paying $150 on card 3 and $100 on card 4 a month or vice versa.
This way you are still paying out the same amount you already did and you can lower the balances quicker if there are only 2 cards you are having to pay toward instead of 4.
And by the way, cut up the two you are paying off.
2007-02-07 12:29:11 · answer #2 · answered by Mrs. Ferguson 2 · 0⤊ 0⤋
Pay off the two small credit cards. Then, you can take the amounts you've been paying on those 2 cards and send it to the other 2 cards each month.
Figure out which card has the best interest rate. Plan on keeping that card. Then, cancel the other 3 when they are paid off.
Having open credit cards with no balances hurt you in 2 ways:
1) Increases your chances of identity theft (the more revolving debt accounts, the easier to find you)
2) The more revolving debt accounts you have, the lower your credit score.
2007-02-07 12:43:03 · answer #3 · answered by boo's mom 6 · 0⤊ 0⤋
Like others have said- pay off the highest interest rate first. I would pick the card with the highest rate and focus on that. Then move to the next and the next etc. I would cut up the 2 with the highest interest rates. Keep the 3rd one for emergencies only (like real emergencies not I feel like pizza tonight) and use the lowest interest one. Try to keep this balance low and pay off routinely.
2007-02-07 12:37:19 · answer #4 · answered by Alyssa T 3 · 0⤊ 0⤋
I would pay off the two highest interest cards. Then take the money you were paying on them and add it to payment on the third highest APR card. Once you have paid that off, combine all your payments on the fourth card. You will then be debt free and save hundreds if not thousands in interest.
2007-02-07 12:27:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It is best to consolidate your debts into one card. Most of the major companies do this. Destroy the other three cards. Make all your payments to the one card that you have chosen. If you owe interest, it is better to owe it to only one company. If you have four cards, you are paying interest three times more than necessary, and you are losing money, needlessly. If you are making payments to one card, you'll pay off the principle much faster.
2007-02-07 12:32:44 · answer #6 · answered by Buffy 5 · 0⤊ 0⤋
Pay off the highest interest rate card. As long as your regular funds are sufficient to keep everything on time, payoff two in full.
Then try not to charge anything new on those!
2007-02-07 12:27:46 · answer #7 · answered by cathoratio 5 · 0⤊ 0⤋
It's going to depend on what your interest rates are. If you are making good payments (and not behind on any cards) pay off the card with the hightest interest rate and work your way down.
2007-02-07 12:25:31 · answer #8 · answered by AriesJWR 4 · 0⤊ 0⤋
Remember that its all about debt utililazation rations.
Unless one of the cards charges you a much higher rate then another, you should spread the 500 out over all 4 cards, and DO NOT close any of them out.
2007-02-07 12:27:06 · answer #9 · answered by Anonymous · 0⤊ 1⤋
those c c are going to kill you. tear them up
2007-02-07 12:28:17 · answer #10 · answered by Anonymous · 0⤊ 0⤋