I noticed a few other people asking about the best way to pay their outstanding loans. I know there's no hard and fast rule regarding which balance to pay first and instead of several people continuing to make a new thread with the same question, I thought it would be a good idea to have a thread devoted to it. People can just come to this thread, ask their question, and also read about what other people did and how it worked out for them.
Right now I have 2 credit cards with a balance, both in their 0% APR (new) periods.
Citi Platinum Dividend - $1900/4000 (47.5% UTL)
AMEX Clear - $600/2000 (30% UTL)
Right now I have about $700 to put towards paying down my balances and I don't know what is best to do, or if it makes a difference either way.
Here are the options I can think of.
After payment:
Option 1
Citi - 32%
AMEX - 28%
Option 2
Citi - 45%
AMEX - 0%
Option 3
Citi - 38%
AMEX - 15%
So I guess it comes down to if it's better to have a moderate UTL on 1 card and 0% UTL on the other or try to find a middle ground?
