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That's not at all a disagreement. Like my mother in-law says 'that's why there is vanilla and chocolate'. Glad it is working so well for you! That's what counts... everyone is individual.
granny031350 wrote:ok, not to disagree here but Dave Ramsey also offers some good advice which I have followed and it is working for me. But I paid off my smallest balance first, in full. Wow, what a great feeling, 1 down and 3 to go etc mentality.
Thanks netpanther! It was a good year for increasing CLs, dropping a mystery derog, and adding a very old AMEX account back in. Appreciate the comments!
netpanther wrote:Dang SmartCookie- your scores are really getting high!! Kewlness and congrats on all your hard work.
No problem! I was just noticing how high they are getting! You Fused, and Brammy!
SmartCookie wrote:Thanks netpanther! It was a good year for increasing CLs, dropping a mystery derog, and adding a very old AMEX account back in. Appreciate the comments!
netpanther wrote:Dang SmartCookie- your scores are really getting high!! Kewlness and congrats on all your hard work.
Brammy wrote:Some say pay those with the highest interest rates first, though depending on the balance they may not be costing you the most.
Noah_Bodie wrote:
Brammy wrote:
Some say pay those with the highest interest rates first, though depending on the balance they may not be costing you the most.
When you say "most", per $X of debt, the highest interest rate is usually costing you the most.If one has $1K at 21%, and $20K at 18%, the $1K at 21% is costing the most per $X of debt. The $20K at 18% might cost more in finance charges, but it's a larger amount of debt. Ya always look at it on a "per capita" basis, so to speak. If I had $500 to pay debt, in this example, I'd make the minimum on the 18% debt and pay the rest to the 21% debt.That's just me. No feelings, no heart, and no reflection.Now, some CCCs play big games with interest rate calculations, but you can usually figure 'em out. On one's monthly statement, there will a breakdown of what dollar amount is costing what APR and what finance charges.Might read like this:$1,298.45 at 16.59%$4,107.12 at 18.42%$3,001.08 at 24.51%There will be dollar amounts of finance charges at each APR. Just divide the finance charges by the balance at that rate to get a real, basic APR.Not all 19.49% APRs are created equal.PIF a small debt can have the advantage of using it as leverage. PIF a $500 CL CC, and pressure 'em to give you a CLI and APR."Hi, First National Bank of Ratejacking? Yes, I just called to inquire about a CLI and APR. I just PIF my CC with y'all because, well, for one, I can, and two, y'all are charging me the highest interest with a very tiny CL. Do you think you could gimme a CLI and APR reduction? I have other high interest debt, but the rate is much lower than what y'all charge."OK, when you call, maybe you don't wanna use all the invectives that I freely toss about.
Nope not what I meant at all. But if that 10.99% with a 2100.00 balance is compared to that 250.00 at 12%. The 2100.00 Is costing you the most solid money in interest a month. that is until you bring the 2100.00 balance down enough were the monthly finance charges are less than the smaller balance.Thats why I use financial software, I am often surprised at how my payments are allocated. But I have it set to cost me the least amount of money.