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Should u pay cc small balances with low interest rates or higher balances with higher rates first?
Asked by
ifrimer
1 year ago
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Pay down the higher ones first and you can actually lower your interest rates, giving you more money to pay the lower ones off.
afili8ter 1 year ago
I tried to pay down my credit cards like that, but it didn't work for me. I changed and started paying off the smaller ones first and that helped me to get rid of the bill all together. Always pay more than the minimum payments. Try not to use the cards if you can. Just act as though they are at the limit and you can't use them and that will help you too. Take them out of your wallet and you can't use them when you're out, because you don't have them.
Punkiedee 1 year ago
The downside to not using your cards is having your account go dormant and eventually damaging your credit score. But, it's always better to pay more than the minimum on all your cards. Also, just because you don't want to max out your credit, you can always use each card per month by spending about $10 per card. That will keep the cards active and you'll probably pay about $40 or so per month, depending on how many cards you have, and use.
afili8ter 1 year ago