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How should I pay off CC Debit

Contributor

How should I pay off CC Debit

So, I have 14,500 in credit and I owe 4500. I want to pay them off so what should I do. I owe $300 on store cards. But, I owe chase 3000 and citi 1200. Help me with a plan of action. I have about 1000 to pay on cc per month
13 REPLIES
Established Member

Re: How should I pay off CC Debit

The rule of thumb is to pay off the highest APR cards first.

 

Others like to pay from lowest balance to highest balance, so cards are paid off quicker.

FICO: 754, (Walmart TU, 9/4/13)
Wallet: AMEX Gold, and cash.
Chase Freedom (5000), Capital One Venture1 (4750), CU Visa (5000), Discover More (5500), Walmart Discover (7500), Barclays Visa (2000)

Valued Contributor

Re: How should I pay off CC Debit

Pay off store cards and rest on citi in first month. Pay off citi and rest on chase in second month. Then just focus on chase.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
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Senior Contributor

Re: How should I pay off CC Debit


praise123 wrote:
So, I have 14,500 in credit and I owe 4500. I want to pay them off so what should I do. I owe $300 on store cards. But, I owe chase 3000 and citi 1200. Help me with a plan of action. I have about 1000 to pay on cc per month

Are you using these cards for any new charges, or do you have others CC for that?   What are APR's for each?

Contributor

Re: How should I pay off CC Debit

Citi card is 0 percent chase is 18 percent
Mega Contributor

Re: How should I pay off CC Debit

Id go Chase 800 and Citi 200 a month.



EQ FICO 548 3/3/16
Super Contributor

Re: How should I pay off CC Debit

pay off highest APR card first, then pay off the lower ones after that.

 

If you are unable to pay it off completely within next 2-3 months, get a personal loan for the amount on cards that you owe that are charging you interests fees, and use that money to pay off the credit card loans. Reason being personal loans interest rates are much lower than credit card interest fees.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Regular Contributor

Re: How should I pay off CC Debit

If your citi card is still within the 18 mo 0 apr period then I would pay off the store cards first (since their apr is usually 20+), pay min amount on citi, rest on chase. Minimum on citi and rest on chase for the next couple months until you pay off chase. Finish paying citi balance. 

 

EDIT: oops ignore the 18 mo bit...but still pay off the store card first, then chase, then citi or try to do a BT from chase to citi (still paying off the store card first)?


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Blogger

Re: How should I pay off CC Debit

Here's the simple rule about paying CC debt:

 

1. Pay all the minima first of all

2. If there's money left over from step 1, pay the balance with the highest interest rate

3. If there's money left over from step 2, pay the balance with the next highest interest rate

4. If there's money left over from step 3, pay the balance with the next highest interest rate

5. If there's money left over from step 4, etc.

 

 

Senior Contributor

Re: How should I pay off CC Debit


LS2982 wrote:
Id go Chase 800 and Citi 200 a month.

Why would you pay extra on a 0% interest card instead of paying it on an 18% card?