Rebuilding Credit (Help) What should I pay off first ?

[Anonymous]

I do not have Credit Card Debt. Im roughly 4000.00 In Debt. Considering thats it's not terribly bad, im just not all that sure what to pay off first?

Should I start with the larger Debt or the smaller Debt items? And what over all would seem to help in the quickest manner ?

[MarineVietVet]

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@Anonymous wrote:

I do not have Credit Card Debt. Im roughly 4000.00 In Debt. Considering thats it's not terribly bad, im just not all that sure what to pay off first?

Should I start with the larger Debt or the smaller Debt items? And what over all would seem to help in the quickest manner ?

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Welcome to the Forums.

If you could detail some of your information such as:

Types of debt you have- Car loans, mortgages, personal loans, etc.

The amount of each debt.

The APR of each debt.

That would help you get better advice.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[doublespaces]

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@Anonymous wrote:

I do not have Credit Card Debt. Im roughly 4000.00 In Debt. Considering thats it's not terribly bad, im just not all that sure what to pay off first?

Should I start with the larger Debt or the smaller Debt items? And what over all would seem to help in the quickest manner ?

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Assuming all debts equal, its better to pay off the smaller debts first and make the minimum payment on everything else. Eliminate the easiest account so that you aren't paying interest on it anymore.

[Anonymous]

Personally, what I did, was pay OFF what I could first.

Whatever it might be.  I wanted to see stuff DISAPPEAR.  So I did the smaller stuff first cuz it was cool to see $0.00.

People will get all mathemological and say "pay high interest first" etc.  But a consequence of paying the little stuff OFF first is that I could pound the big stuff with bigger chunks.

The net effect was the same as if I had concocted some master plan.  But psychologically it was more satisfying.

It will ONLY work if you pay the little stuff RIGHT NOW vs simply applying a larger payment to the little stuff.  Just get rid of it in ONE shot.

Otherwise, then yes, I would recommend conjuring up a master plan that pays high interest first.