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cal742

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Order of Paying Off Cards
Hello...

I'm curious to know which is the best way to pay off credit cards. I've heard numerous theories, such as paying the one with the highest interest rate or the ones with the highest balance. It seems to me that paying off the one that I'm paying the most interest on on a monthly basis would make sense to pay off first, but I wanted to get a professional opinion. Can you help me out?

Thanks.

Chris

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Order of paying credit cards

What my policy was over the years (and I have a few of those behind me) when the money was tight was to pay minimums on all cards but the smallest balance and concentrate extra money to that until it's paid off.  Then take the next highest card, add what you've been paying on card 1 to this one's minimum payment you've been making all along and keep this going until this bill is gone.  You'll find thos bills paid in full much faster than you ever thought possible.  And paying off the smaller ones first (these move faster) is a good morale boost.

Or, you could do this same procedure in paying the highest interest card off first and work down to the lowest interest one.  It would be a matter of personal choice and neither is wrong.

FYI- I may be professional at bill paying (long story we won't go into) but I'm not a professional credit counselor.  But my focus is using my experience and knowledge to help people.

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