Should I use up all of my consolidation loan or split it between that and my credit cards?

Question

I have about 10k in credit card debt, and I got a 10k line of credit consolidation loan. All my cards are 90-95% full. Should I dump everything into my line of credit or should I split it between all of them so that no one credit sourceis maxed out? Is it ok to max out one source of credit? THANKS!
BTW, I got the loan simply because I had high APR on my cards. This lets me save a bit of money. I had trouble with cards starting at school when i couldn't work....so now that i'm working i barely use them. I will not be running them so high ever again :)

Answer 1

Since you already got the consolidation loan, pay off the highest interest rate credit cards first. The debt to available credit limit ratio is based on the overall debt and limits.

You should stop using those cards completely. Get the credit cards all paid off. Then squeeze as much as you can from your budget and throw it at that line of credit to get it paid off as quickly as you can. The APR may be less than your credit cards but it's STILL a lot of interest.

Once you get all that paid in full, only charge on your credit cards what you can afford to pay in full every month. You'll save all that interest and stay out of debt.

Answer 2

Payoff the highest interest first and any deductible loans last. Throw away all the cards but the that offers a kick back.