I am building up my emergency fund --- I should have 2 paid off next month though, and like you the low interest follows...but that's why the high interest still have balances (they get more finance charge money....jerks)
Keep up the good work - are you planning to roll over the difference to another card like they suggest -- (snowballing) ?
Just another idea I know that the idea is to pay down the smallest balance so you can get rid of one card more quickly but I chose to work on 2 CC at the same time -- both highest interest rate and lowest balance . I double the minimum on the smallest CC and snowball everything else to the highest interest rate. Since I started to do that (in Sept.2009) my minimums have gone down about $120 per month so more of the money is going to pay down debt. Even by doing both, my smallest balance will be gone by June and I will have saved interest on the larger one at the same time. I feel better doing it that way right now.
I think it really depends on you and what keeps you motivated!
These plans tell you to pay down the lowest debts first because you feel like rockstar when its gone (as you clearly noticed, lol).
However, if you are like some people (MaryAnn does this) and are more motivated by your minimum payments dropping, then you can do it that way as well. The key is to do whatever will KEEP you doing it!
I did a balance transfer onto my 5.9% card and on paper it saved me a ton of money, but in reality, it was so demoralizing having a HUGE balance on one card :(
Congrats on the bill! Thats awesome!
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
So Glad to hear you got a bill all paid off. That snow ball will really start to roll now!
I agree with previous posters. You have to do what makes you sleep the best at night. If that means paying off cards in a different order, do it. The key here is you are paying off debt and no one can take that away from you so do it your way. Technically paying off the card with the highest interest is the fastest way to do it. If the balance is high it may not be as motivating but you must do what works for you.
Congratulations on getting that first bill paid off. Like PP pay off the cards in the order that makes you feel most comfortable, you are more likely to stick with the payments that way. As long as you are making the required payments ( and snowflakes where you can)and not charging again you are ahead of the game.
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that's great !!!
I am building up my emergency fund --- I should have 2 paid off next month though, and like you the low interest follows...but that's why the high interest still have balances (they get more finance charge money....jerks)
Keep up the good work - are you planning to roll over the difference to another card like they suggest -- (snowballing) ?
xoxo shannon
I know that the idea is to pay down the smallest balance so you can get rid of one card more quickly but I chose to work on 2 CC at the same time -- both highest interest rate and lowest balance . I double the minimum on the smallest CC and snowball everything else to the highest interest rate. Since I started to do that (in Sept.2009) my minimums have gone down about $120 per month so more of the money is going to pay down debt. Even by doing both, my smallest balance will be gone by June and I will have saved interest on the larger one at the same time. I feel better doing it that way right now.
Becky
CL of 4th, 5th & 6th grade Scoliosis
I think it really depends on you and what keeps you motivated!
These plans tell you to pay down the lowest debts first because you feel like rockstar when its gone (as you clearly noticed, lol).
However, if you are like some people (MaryAnn does this) and are more motivated by your minimum payments dropping, then you can do it that way as well. The key is to do whatever will KEEP you doing it!
I did a balance transfer onto my 5.9% card and on paper it saved me a ton of money, but in reality, it was so demoralizing having a HUGE balance on one card :(
Congrats on the bill! Thats awesome!
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -
Congratulations!
Norma
"Patience is the best remedy for every trouble"- Plautus
FLINGING DEBT:
So Glad to hear you got a bill all paid off. That snow ball will really start to roll now!
I agree with previous posters. You have to do what makes you sleep the best at night. If that means paying off cards in a different order, do it. The key here is you are paying off debt and no one can take that away from you so do it your way. Technically paying off the card with the highest interest is the fastest way to do it. If the balance is high it may not be as motivating but you must do what works for you.
Good luck!
Small victories = big success.
I am so glad you got something paid off and feel that sense of accomplishment! Its such a wonderful feeling!
Like PP pay off the cards in the order that makes you feel most comfortable, you are more likely to stick with the payments that way. As long as you are making the required payments ( and snowflakes where you can)and not charging again you are ahead of the game.
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