some need some advice
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| Wed, 07-29-2009 - 10:00pm |
hi ladies, i read all the time and post a little. I have the concepts of savings and snowflaking, but i'm sure I could tighten up a little. But any how, as of Dec this year *hopefully* I will have a bill paid off that has a fixed payment of $481/month. Now my question is once that is paid off do I take the payment of 481 and put it on one credit card or break into 6 and put a little more on each card. My cards are:
m/c $800 int is 11.24
cap one $3300 int is 8%
cap one $850 int is 10%
chase $1500 int is 14.99%
chase $2500 int is 14.99%
juniper $3100 interest is 13.99%
Kinda funny because all of my interest rates WERE below 10% until they started messing with everones interst rates and credt lines. UUGH.
thanks ladies
sorry title is: Need some advice
Edited 7/29/2009 10:01 pm ET by cfrancioli



Dave Ramsey's Total Money Makeover plan says to start by funding a $1,000 emergency fund, and then pay all extra money on ONE account -- the one with the lowest balance (no matter what the interest rate is). Pay that account off, and then move to the next lowest balance, and so on. Just make sure you stop charging to all credit cards. (Dave would say to close the accounts, but a lot of people disagree about that.) If you have any true emergencies, you can tap the e-fund, but replace the money up to the $1,000 balance before making any more extra credit card payments.
Mary Jo
Personally I would do the 800.00 MC first I don't think you will saving a lot of payment but at least that would be getting one out of the way.
Personally I do the get down to the next 100.00 snowflaking to save on payments. I needed to get my payments down to live and paying off one card really was no help for me. So I started snowflaking to all the cards. IF
Thanks ladies!
Mary Ann thanks for your input, i think we think alike :) I do have and efund already; and a xmas fund and a christmas fund (already starting shopping...) I think i am just antsy to have this one big bill paid with the fixed payment; it will be such a load off my shoulders. But yes I think I will start with the lowest to pay off. Sounds silly to others but I know you guys all understand, the excitement of paying of a c/c. I love this board :)
I got one down to 1467.00 that one is the next one to go. Cross fingers in September, October at the latest. Then there will be three little piggies left. Others are a lot higher in balances. I started with 7 cards I think. With very high balances because I used to borrow like 5,000.00 or 7,000.00 at a
I would say go with M/C. I know its not the highest interest bill, but I would do it because its the lowest and would give you a mental boost once you see it at zero. Plus, if you have $481 plus whatever the minimum you are paying now, you will have it gone in less then two months!
Next, take your $481 plus whatever you were paying M/C and go for capital one. Again, in less then two months, that one will be gone too!
So in four months you can knock out 2 cc's!!!!
Not too shabby!
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -