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%.
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.
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.
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
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%.
Hi Stacy,
DH and
All my best,
Danni
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%.
Looks like it will take 21 months if I pay off the High interest card first.
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
It's okay to jump...you have wings!
To move forward...you have to stop looking back.