New member here looking for some advice on paying down utilization

[Chris679]

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@Anonymous wrote:
The Dave Ramsey approach encourages an unhealthy attitude towards credit.

Pay the highest interest first.

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I totally agree with you about this.  The idea behind the snowball method is basically that you are incapable of overcoming this power that debt has over you and should try to win small victories that actually hurt you in the long run and prolong your situation.  The best way is the cheapest way and that's pay off highest rates first and it's also the fastest. 

[kdm31091]

I think the Dave Ramsey approach can be useful because some people will feel more motivated by small "victories" over debt. If you have 5 cards, and you pay the lowest balance one off first, you may feel more like you accomplished something. This may be more motivational to you to keep going, vs. paying a small chunk of a huge balance. It depends on your perspective.

[Anonymous]

One is welcome to tackle debt however they wish. But paying interest that needn't be paid is counterproductive.

[Anonymous]

I agree with Chris. Pay the 14% card as much as you can. When the other intro periods end then you can knock those out. But until then knock as much as you can off the high balance. Also, I wouldn't even think about buying yourself a motorcycle or any gift until you're debt free. Like someone else said, gift yourself being debt free. Then you can get nice loan rates or pay in cash from the money you're no longer spending on your CCs.

[Anonymous]

Wow so many good responses. I really don't know which route to take. 

[Anonymous]

I think I will go with the option of putting the $5k in savings into the larger credit, what do you guys suggest I do next? I just got approved for a Cap one quicksilver card with a $1k limit. 0% for 9 months