I've read articles on this and other websites and the advice seems to differ slightly. I'm not sure where to start. Here's my situation: My husband and I have been blessed with some extra money, but not enough to pay off all of our credit cards. Should we pay off one card at a time? If so, in what order? Should we put some money toward each card? If so, what percentage? Thanks for your time. We have the following credit cards #1 - $700 limit - $573.02 balance (82%) #2 - $600 limit - $634.12 balance (106%) #3 - $500 limit - $442.61 balance (89%) #4 - $2000 limit - $804.31 balance (40%) #5 - $2500 limit - $2264.98 balance (91%) #6 - $2500 limit - 2385.52 balance (95%) Total owed: $7000 +/-
Creditaddict wrote:enter your credit card balances, interest rate, and min. payment. Then enter your total your willing to spend a month towards these debts and it will tell you what to pay on first to save the most money and get out of debt fastest.