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Post by namquid on Mar 1, 2008 4:32:41 GMT -5
I owe $18,000 on one credit card with a 7.2% interest rate. I owe $4230 on another card with a rate of 6.9%.
Which one should I pay off first? I say the larger, wife says I should pay off the smaller. Who's right?
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Post by Ben Dinsmore on Mar 1, 2008 7:27:53 GMT -5
If your married then you already know the wife is ALWAYS right!! lol
Mathematically, you'll save more money paying the higher interest card off first. However, because the interest rates are so similar, the difference is a marginal.
What I would do is pay off the smaller debt first to get it out of the way and then roll that payment into the higher card. You'll be fine either way as long as your focused on getting them paid down. Good luck!
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Post by swanberg22 on Mar 1, 2008 10:05:35 GMT -5
I agree with Ben. In this case start small. Getting that paid off will give you some confidence and renewed vigor to tackle the larger balance. I would also suggest getting out your scissors and cutting those cards up so you don't end up right back where you are now.
Stay focused - Peter
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mom
New Member
Posts: 7
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Post by mom on Mar 5, 2008 9:57:16 GMT -5
I agree with them... the smaller one first.
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