Decisions, Decisions...

iVillage Member
Registered: 07-04-2009
Decisions, Decisions...
12
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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iVillage Member
Registered: 11-17-2007
Mon, 08-24-2009 - 2:41am

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

iVillage Member
Registered: 03-27-2005
Mon, 08-24-2009 - 8:31am

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

iVillage Member
Registered: 02-01-2008
Mon, 08-24-2009 - 8:46am
I'd pay off the Amex account and then give the card to my best friend to hold and hide so that I don't use it again.
Mary Jo








iVillage Member
Registered: 01-25-2009
Mon, 08-24-2009 - 9:06am
I second that! Pay off the Amex at once. The interest rate on the Amex is higher, and the balance is lower, not to mention paying off a card entirely usually gives one a sense of accomplishment and one less account to worry about.
iVillage Member
Registered: 08-04-2008
Mon, 08-24-2009 - 9:46am

I like to simplify my life as much as possible, because that in itself adds time and money to my bottom line.




iVillage Member
Registered: 10-01-2008
Mon, 08-24-2009 - 12:33pm

Ditto, my thoughts exactly!

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 07-04-2009
Mon, 08-24-2009 - 9:31pm

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.



iVillage Member
Registered: 08-04-2008
Tue, 08-25-2009 - 8:32am

I have gotten those letters from Chase, Bank of America, Capitol One and last night it was Home Depot.




iVillage Member
Registered: 10-01-2008
Tue, 08-25-2009 - 9:17am

Warning:

Norma


"Patience is the best remedy for every trouble"- Plautus


Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Tue, 08-25-2009 - 10:06am

Yay - I would have totally voted for Amex. Dump them!

I'm all about chopping up the cards as well. Goodbye and good riddance.

All my best,
Danni
cl-phocid, Debt Support Group



All my best,
Danni

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