what to pay first

iVillage Member
Registered: 03-27-2005
what to pay first
9
Wed, 05-21-2008 - 10:53am

I have two cc that I'm trying to pay off.

iVillage Member
Registered: 01-25-2006
Wed, 05-21-2008 - 11:23am

To my way of thinking, I usually treated low interest rates like that as my lowest priority because it doesn't 'cost' me anything to carry that balance while it is at 0%.

iVillage Member
Registered: 08-29-2006
Wed, 05-21-2008 - 12:01pm
I agree with Peg.
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Wed, 05-21-2008 - 12:31pm

Hi Stacy,


DH and

All my best,
Danni

iVillage Member
Registered: 04-12-2007
Wed, 05-21-2008 - 1:47pm

Stacy,


I agree with the others.


We currently have $4k parked at 0% for a year and another card at $1,500 at 7.9%.

iVillage Member
Registered: 09-25-2003
Wed, 05-21-2008 - 2:31pm
I agree with the other posters: if you throw everything you have at the one with interest, you will get charged less in the long run because you will pay less interest on it.
iVillage Member
Registered: 12-07-2003
Wed, 05-21-2008 - 6:33pm
You can figure out what would be better with this excel file. I found it on one of these boards a couple years ago. You can play around to see what would work best for you. Let us know what you find out.
baby in clothes basket
iVillage Member
Registered: 03-27-2005
Fri, 05-23-2008 - 8:48am

Looks like it will take 21 months if I pay off the High interest card first.

iVillage Member
Registered: 11-17-2007
Fri, 05-23-2008 - 2:58pm

I would pay down the highest one because it is costing you money every month. But I would also try to get another card with lower interest in the mean time and transfer some if not all the money off the 13% to it.


I have had several card offers come in recently myself Discover is offering 1.9 for the life of the loan these days Wamu is also going for like 7% too. So go shopping for a lower rate. While

iVillage Member
Registered: 03-24-2008
Sat, 05-24-2008 - 10:12pm
The highest interest rate costs you the most money each month.

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