Decisions, Decisions...
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Decisions, Decisions...
| Mon, 08-24-2009 - 12:46am |
Got about $1100 FSA reimbursement coming my way, before I can blink I'll boot it to one of my 2 remaining CCs with balances. The question is, which one?
Amex = $991.31 balance (14% interest)
Bank CC = $10,441.36 balance (10.99% interest)
Which would you choose? Pay off Amex entirely or whack away at the Bank one until it's payment are as low as Amex?
*This month's minimum for Amex is $20, Bank CC will be $151.74.
Also, would it be smarter to pay the minimum on the due date and the the extra the day after statement closes? Or just all at once....
Thanks for any input...


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This is what I would do I would give 1000.00 to the bank credit card. That would lower your payment if it is 1 and 1/2 percent of the balance Which it looks like to me. Payment would go to 141.00. Give the other 100.00 to Amex and that would
If you pay the bank card, your AMEX min will still be $20 and your bank card min will go down by about $10 per month.
If you pay off the AMEX then you free up that $20 min payment and are
Mary Jo
I like to simplify my life as much as possible, because that in itself adds time and money to my bottom line.
Ditto, my thoughts exactly!
Norma
"Patience is the best remedy for every trouble"- Plautus
Majority rules, and like it was said I will feel proud and motivated by having only one CC left to pay off, so its Amex. Here's something coincidental, while you guys were counseling me on this subject, check what was in the mailbox when I got home from work:
From American Express:
(Jibber Jabber BS about their having to adjust to crappy economy) Then "We are raising your APR rate on purchases and cash advances. We are increasing the late fee.
*****The camouflaged clincher at the bottom: "These changes apply to EXISTING and future balances on your Account and go into effect on or after October 1, 2009."
They can KMA. I'm paying it off and its going in the underwear drawer with the other dozen paid off CCs >:P
Everyone keep an eye out: I'm wouldn't be surprised if other CC companies will follow suit. Perhaps they're trying to get their last licks in before Obama kicks their a$$es.
I have gotten those letters from Chase, Bank of America, Capitol One and last night it was Home Depot.
Warning:
Norma
"Patience is the best remedy for every trouble"- Plautus
Yay - I would have totally voted for Amex. Dump them!
I'm all about chopping up the cards as well. Goodbye and good riddance.
Danni
cl-phocid, Debt Support Group
All my best,
Danni
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