Credit Cards

iVillage Member
Registered: 03-21-2002
Credit Cards
3
Fri, 09-16-2005 - 11:04am

Should I pay off my highest balance first, lowest balance first, or the ones with the highest APR first? How did this work for you? Let me know!

Here's what I've got:

Cross Country Bank $1200 the APR on this is around 25%
Jc Penney $500
Victoria Secret $500
Capital One $450
Capital One $375
Chase $300 The APR on this is around 23%
Dell $250 The APR on this is 30% !!!! Yikes!!!!

I'm not exactly sure what the APR on the rest of them are.

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Fri, 09-16-2005 - 6:33pm

I personally like to pay off the smallest balance first. It gives me a sense of accomplishment.

IF you pay off dell ($250), you will be freeing up money. You would then be able to snowflake that to your next card at $300.

Good luck in what you decide.

MYM

iVillage Member
Registered: 02-19-2004
Sat, 09-17-2005 - 1:09pm

I like a mixed approach.

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iVillage Member
Registered: 03-08-2004
Sun, 09-18-2005 - 10:56am

Hi,

Could you combine all your balances on one card? We often get offers in the mail that offer 0% rate for one year. If you could combine them on one of those you would only have to pay one account and could avoid finance charges.

Good luck