Money Matters
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Hi everyone, I lurk here often and have a question for you on what you would do. We are in the midst of getting our credit cards paid off, and I am wondering what you feel would be the better one to pay off first. I have my idea, but want to see if it matches what you ladies think:
Credit card 1: Balance of 4,500 Monthly Payment 121 (31.89 of it are finance charges)
Credit card 2: Balance of 1,800 Monthly Payment 57 (17 of it are finance charges)
Credit card 3: Balance paid off today- card is not accessible to be used again - it is a Kohl's Charge.
Thank you!
Re: Which to pay off first?
Another one for card #2!
Congratulations on paying one off! What a relief that must be.
Once that one is paid off you will have $57 extra to put on #1
Love: March 2010 Marriage: July 2013 Debt Free: October 2014 TTC: May 2015
Card 2 for sure!
There are usually two lines of thought for paying off debts--either pay off the highest interest rate first or pay off the lowest balance first. This meets both of those so you don't have to decide which is better.