@Anonymous wrote:
There are several different schools of thought on how to pay off the cards. The most efficient way is generally to pay off the highest interest card first and move down the list based on APR. However, for some, the motivation of feeling like they achieve something is important and paying lower balances first can help you achieve that. Moreover, when balances are low on cards and the minimum payment is at the floor for the card (often $25), paying off the card could lower your overall minimum payment across all cards more so than paying off a higher balance card. However, in general, paying off the highest interest card first will save you more money.
This is key for me. While it is important to pay the highest interest cards first, it is more important that you stick to diligently paying off the debts. Plus by eliminating payments on some cards, you'll have fewer payments to deal with each month.
BK DC 4/9/2018
FICO 08 (4/9/2018): EQ 647 EX 609 TU 620
FICO 08 (10/16/2020): EQ 676 EX 659 TU 653
