Credit Cards - Interest or Balance?

iVillage Member
Registered: 04-08-1999
Credit Cards - Interest or Balance?
2
Mon, 12-08-2008 - 4:38pm

I'm a lurker with a question...


What credit card do you pay first? The one with the lowest balance...since this would lower the minimum monthly payments? Or the one with the highest interest rate?


Thanks!


~Dana

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Mon, 12-08-2008 - 5:09pm

Hi Dana - it's really a personal preference.

All my best,
Danni

iVillage Member
Registered: 11-17-2007
Mon, 12-08-2008 - 5:57pm

I am a firm believer in the 10% to 15% of your monthly income in credit card payments. For us that was 310.00 a month at 10% and 465.00 at 15%


When I started all this most of my cards(5 cards)